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HomeMy WebLinkAbout2267 Interfund Loan to the LID #1 Fund from the Water-Sewer FundAN ORDINANCE AUTHORIZING THE LOAN OF 'I~'IE SUN OF $50~000 '10 THR LOCAL INPRO~ DISTRICT NO. 1 FUND FROM THE WATER-SEWER 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 FIFTY THOUSAND DOLLARS ($50,000.00) for a term of six months from the Water-Sewer Fund to the Local Improvement District No. 1 Fund is hereby authorized, 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 4. The repayment of the above mentioned loans shall be made at the end of the term or as soon as sufficient revenue has been received to return the loans (whichever comes first) together with interest at an annual rate of seven percent (7%). Section 5. 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 on October 29, 1991. Attest: MayOr ~ City Clerk Appr~o form: