ORD 87-18 AUTHORIZING LOANS FROM UTILITY FUNDORDINANCE NO. 87-18
AN ORDIFUINCE OF I~tE CITY OF WINSLOW, WASHINGTON AUTHORIZING
LOANS FROM rI~tE UTILITY FUND TO 1%qE STREET FUND FOR PAYMt!NT
OF CAPITAL IMPROV]~qTS AND AMENDING ORDINANCE NO. 86-22,
RELATING TO PAST LOANS.
WHEREAS, the Street Fund is in need of additional too ties to pay
for Capital ImpzxDvenents, and
WHEREAS, the City expects that the funds loaned will be repaid
from anticipated revenues, now, therefore,
IHE CITY COUNCIL OF T[~. CITY OF WINSLOW, WASHINGTON, DO ORDAIN
AS FOLLOWS:
Section 1. Ordinance No. 86-22 section 2, is hereby amended
to read as follows:
A loan in an amount not to exceed $250,000 is hereby authorized
from the Utility Fund to the Streets Fund. 1he loan shall be repaid as
funds beccme available. Interest shall be at the rate of 5.75% per annum.
Section 2. This ordinance or a sunmary tJ~ereof consisting of
the title shall be published in the official newspaper of the City, and
shall take effect and be j2~ full force five (5) days after the date of
publication.
ATtEST/AUTHENTICATED:
CITY ATIDRNEY, ROBERT O. CON~
FII,RD WII]t TFIE CITY CLERK:
PASSED BY CITY COUNCIL:
PUBLISHED:
EFFECTIVE DATE:
ORDINANCE NO.:
MAYOR, ALICE B. TAWRESEY ~