HomeMy WebLinkAbout2309 Interfund Loan to the 1992 City Dock Re-Construction Fund from the Storm and Surface Water FundORDINANCE NO. ~ b ~
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM
OF $100,000 FROM THE STORM AND SURFACE 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 ONE HUNDRED THOUSAND DOLLARS
($100,000.00) 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.
Section 2. The repayment of the above mentioned loans shall be
made at the end of the term together with interest at an annual
rate of four percent (4%).
Section 3. This Ordinance shall take effect upon its passage,
approval, and publication in the form and manner provided by [aw.
Read for the first, second, and third times, passed bythe Council
and
approved by the Mayor on July~ 1992.
// Mayor
Attest:
City Clerk
Approved as to form: