ORD 73-09 LOAN TO SEWER PRE-CONTRACT FUNDORDINANCE N0. 73-9
~I ORDINANCE ~ITHORIZING LOAN OF $25,000
CURRENT ~EXPENSE FUND'TO'SEWER'PRE~CONTRACT'FUND
AND THEEXPENDITURES,,THEREOF.
WHEREAS, a "Sewer Pre-Contract Fund" was
established by Ordinance No. 72-19, and
WHEREAS, the purpose of such Fund is to
provide payment for the immediate, necessary and vital
preliminary expenditures pertaining to a sewer col-
lecting and sewer treatment plant construction project,
and
~-~EREAS, such,project has been designed and
is presently before the State Commission for consider-
a'tion for State and Federal Aid, and
IJHEREAS, all legal steps have been taken to
acquire title to an approved site for the proposed
construction project, and
WHEREAS, payments for such site are now be-
coming due;
NOW THEREFORE BE IT ORDAINED BY THE COUNCIL
OF THE CITY OF WINSLOW, WASHINGTON AS FOLLOWS:
That $25,000.00 is hereby authorized for dis-
bursement to acquire the Sewer Treatment Plant site
which is a part of the sewer construction project now
awaiting government financial grant.
That the sum of $25,000.00 be transferrcd
as a temporary loan from the Current Expense Fund to
the Sewer Pre-Contract Fund.
That said loan is to be repaid on sale of
Sewer Revenue Bonds which will be issued to fund the
City's portion of the sewer construction'project.
That said loan shall bear interest at 3%.
Wash~n d approv zts ~yor th~s
of 7
Clerk