ORD 72-17 MATURITY OF 1953 WATER REVENUE BONDORDINANCE No. 72 - 17
An Ordinance confirming advancedmaturity
on portion of 1953 water revenue bond issue
and authorizing loan of $7000. from C.E.
Fund to 1953 water bond redemption fund.
~EREAS, the 1953 water revenue bond issue as
established by Ordinance No. 22 provided for $25,000
balloon payment in 1978 and
WHEREAS, it was possible to obtain at a discount
bonds maturing in 1978 in the amount of $21,000, and
WHEREAS, the 1953 water revenue bond issue pro-
vided for establishment for a reserve fund in the amount
of $7,000 which may be used to pay the principal and
interest on the last remaining bonds of the issue, and
WHEREAS, it is considered proper and in the best
interests of the citizens of the City of Winslow to take
advantage of the discount available by early retirement:
NOW THEREFORE BE IT ORDAINED by the Council of the
City of Winslow, Washington as follows:
That retirement of $21,000 of the last maturing
bonds of the 1953 water revenue bond issue still outstand-
ing is hereby confirmed.
That $7,000 loan from C.E. Fund to the 1953 water
revenue bond redemption fund is authorized for use as part
payment in this advanced maturity of the 1953 water revenue
bonds.
That said loan shall bear interest at 3% and the
term of the loan shall be 5 years.
This loan shall provide for annual budgeting to
maintain the 1953 water bond reserve fund as security and
repayment of the loan as soon as legally available.
Adopted by the Council of the City of Winslow,
Washington this 16~h day of October 1972.
Mayor
ATTEST:
Clerk