HomeMy WebLinkAbout2185 Interfund Loan from Water-Sewer Fund to Library Renovation and Construction FundORDINANCE NO. ~/~
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM
OF $300,000 FROM THE WATER-SEWER FUND TO THE
LIBRARY RENOVATION AND 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 of the sum of THREE HUNDRED THOUSAND
DOLLARS ($300,000.00) for a term of sixty (60) days from the Water'
Sewer Fund to the Library Renovation and 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.
~ The repayment of the above mentioned loan shall be made
at the end of the term together with interest at an annual rate of
seven percent (7%).
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 on February 20, 1990.
Attest:
City Clerk
Approved as to form:
City Attorney