ORD 81-32 LOAN FROM UTILITY FUND AND STREET FUNDORDINANCE NO. 81 - 32
AN ORDINANCE RELATING TO INTERIM FINANCING FOR PROPOSED
LID 8, ALLOWING FOR A LOAN FROM THE UTILITY FUND AND STREET
FUND AND FIXING AN INTEREST RATE.
WHEREAS, a petition has been received by the Council for the formation
of a Local Improvement District to be numbered 8; and
WHEREAS, funds are necessary to do preliminary work prior to the
formation of the Local Improvement District No. 8;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WINSLOW,
WASHINGTON DO ORDAIN AS FOLLOWS:
SECTION 1. THAT a temporary loan in an amount not to exceed
$25,000 will be transfered in amounts as warranted from the
Utilities Fund to the LID 8 Fund for Payroll and Claims.
SECTION 2. THAT a temporary loan in an amount not to exceed
$25,000 will be transfered in amounts from the Streets Fund as
warranted to the LID 8 Fund for payroll and claims.
SECTION 3.
per annum.
THAT said loans shall bear interest at a rate of 12%
ADOPTED by the City Council of the City of Winslow, Washington
this 17th day of September , 1981.
ice B. Tawresey ~
Mayor
ATTEST:
Deputy Clerk/Treasurer
Page Two - Ordinance NO. 81 - 32
Approved as to form:
City Attorney
I do hereby certify this Ordinance was signed by the Mayor
this 17th day of September, 1981 , and thereafter posted
this 22nd day of Septerdoer, 1981 at the Ferry Terminal,
Chamber of Commerce, City Hall. Effective September 27, 1981
Deputy Clerk/Treasurer
S E A L