HomeMy WebLinkAbout2123 Interfund Loan from Water-Sewer Fund to Memorial FundORDINANCE NO. ~-/~ ~
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM OF
$10,000 FROM THE WATER-SEWER FUND TO THE MEMORIAL
FUND AND PROVIDING FOR REPAYMENT
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DOES ORDAIN AS FOLLOWS:
Section I. The loan of the sume of $10,000 for a term of two months
from the date hereof, from the Water-Sewer Fund to the Memorial 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 loan shall be made
at the end of the term together with interest calculated 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 August 16, 1988.
Attest:
Approved as to form:
City Attorney