ORD 91-16 LOANS FROM THE UTILITY FUNDORDINANCE NO. 91-16
AN ORDINANCE OF THE CITY OF WINSLOW, WASHINGTON,
AUTHORIZING LOANS FROM THE UTILITY FUND TO THE CURRENT
EXPENSE FUND.
WHEREAS, the Current Expense Fund is in need of additional monies to
temporarily fund general operational costs, and
WHEREAS, the City expects that the funds loaned will be repaid from
anticipated tax revenues, and
WHEREAS, the Utility fund loaning money has funds/monies in excess
of current or anticipated needs; 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 $100,000.00 (one
hundred thousand dollars) is hereby authorized form the Utility Fund to the
Current Expense Fund. The loan shall be repaid as funds become available.
Interest shall be at the rate of 6.7% per annum.
Section 2. 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 in full force five (5) days after the date of publication.
SAM .L GItANATO, Mayor
ATTEST/AUTHENTICATE:
DONNA BUXTON, Cler reasurer
APPROVED AS TO FORM:
P. KASEG WA, City Attorney
FILED WITH CITY CLERK: March 7, 1991
PASSED BY THE CITY COUNCIL: March 14, 1991
PUBLISHED: March 20, 1991
POSTED: March 20, 1991
EFFECTIVE DATE: March 25, 1991
ORDINANCE NO. 91-16