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HomeMy WebLinkAbout2346 Interfund Loan to the 1992 City Dock Re-Construction Fund from the Storm and Surface Water FundORDINANCE NO. =~ AN ORDINANCE AUT}{ORIZING T}{E LOAN OF THE 5U~ OF $250,000 FRO~ T~E STOR~ AND SOl{FACE WATER FUND TO THE 1992 CITY DOCK RE-CONSTRUCTION FUND AND PROVIDING FOR REPAYMENT THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION ASSEMBLED, DOES ORDAIN AS FOLLOWS: Section 1. The loan of the sum of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) for a term of ninety (90) days from the Storm and Surface Water Fund to the 1992 City Dock Re-construction Fund is here and hereby authorized, and the City Clerk-Treasurer is hereby directed to make such transfer, and the Mayor and said Clerk-Treasurer are authorized to draw warrants in accord with the same. ~gg_tJ~ The repayment of the above mentioned loans shall be made at the end of the term together with interest at an annual rate of three percent (3%). Section 3. This Ordinance shall take effect upon its passage, approval, and publication in the form and manner provided by law. Read for the first, second, and third times, passed by the Council and approved by the Mayor o~1,E. yor Attest: // city Clerk Approved as to form: City Attorney