ORD 86-22 LOAN FROM THE UTILITY FUNDWDT:jt
09/18/86
ORDINANCE NO. 86-22
AN ORDINANCE OF THE CITY OF WINSLOW, WASHING-
TON, AUTHORIZING LOANS FROM THE UTILITY FUND
TO THE CURRENT EXPENSE FUND AND STREET FUND
FOR PAYMENT OF CAPITAL IMPROVEMENTS AND
REPEALING ORDINANCE NO. 81-32 RELATING TO LID
NO. 8.
WHEREAS, the Current Expense Fund and Street Fund are
in need of monies to pay for capital improvements, and
WHEREAS, the City expects that the funds loaned will be
repaid from anticipated revenues, and
WHEREAS, Ordinance No. 81-32 was passed by the City
Council on September 17, 1981 and authorized certain loans for an
LID that was never formed, now, therefore,
THE CITY COUNCIL OF THE CITY OF WINSLOW, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. A loan in an amount not to exceed $150,000
is hereby authorized from the Utility Fund to the Current Expense
Fund. The loan shall be repaid as funds become available.
Interest shall be at the rate of 5.75 % per annum.
Section 2. A loan in an amount not to exceed $50,000
is hereby authorized from the Utility Fund to the Street Fund.
The loan shall be repaid as funds become available. Interest
shall be at the rate of 5.75 % per annum.
Section 3. The Clerk Treasurer is authorized to
advance funds from the Utility Fund to the Current Expense Fund
and Street Fund as authorized by sections 1 and 2 of this ordi-
nance for the purpose of paying for capital improvements. The
Clerk Treasurer is authorized and directed to repay sums advanced
plus interest as required by law.
Section ~. Ordinance No. 81-32 is hereby repealed.
Section 5. This ordinance or a summary thereof
consisting of the title shall be published in the official
newspaper of the City, and shall take effect and be
force five (5) days after the date of publication.
ATTEST/AUTHENTICATED:
APPROVED AS TO FORM:
OFFICE OF THE CITY ATTORNEY:
BY
FILED WITH THE CITY CLERK:
in full
September 18, 1986
PASSED BY THE CITY COUNCIL: September 23, 1986
PUBLISHED: October 1, 1986
EFFECTIVE DATE: October 6, 1986
ORDINANCE NO. 86-22
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