HomeMy WebLinkAbout2212 Interfund Loans from Water-Sewer Fund to Hotel-Motel Transient Fax Fund and to Library Renovation and Addition FundORDINANCE NO. ~!
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM
OF $135,000 FROM THE WATER-SEWER FUND TO THE
HOTEL/MOTELTRANSIENT TAX FUND AND THE SUM OF
$?0,000 FROM THE WATER-SEWER FUND TO THE
LIBRARY RENOVATION AND ADDITION FUND AND
PROVIDING FOR REPAYMENT
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DOES ORDAIN AS FOLLOWS:
ct~_~~. The loan of the sum of ONE HUNDRED THIRTY FIVE THOUSAND
DOLLARS ($135,000.00) for a term of ninety (90) days from the
Water-Sewer Fund to the Hotel/Motel Transient Tax 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 loan of the sum of SEVENTY THOUSAND DOLLARS
($70,000.00) for a term of ninety (90) days from the Water-Sewer
Fund to the Library Renovation and Addition 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 3. The repayment of the above mentioned loans shall be made
at the end of the term together with interest at an annual rate of
eight percent (8%).
Section 4. This ordinance shall take effect upon its passage,
approval, and publication in the form and manner provided by law
and ratifying action taken by the City Clerk-Treasurer to meet
cashflow needs perpetuated by council action during the month of
October, 1990.
Read for the first, second, and third times, passed by the Council
and approved by the Mayor on November 6, 1990.
Attest:
City' ~lerk
A~ppr~ ~ed as. t~ form:
City Attorney