ORD 74-14 PARK DEVELOPEMNT FUND, 1974CITY OF WINSLOW, WASHINGTON
ORDINANCE NO. 74-14
AN ORDINANCE of the City of Winslow, Washington,
creating a special fund to be known as the "Park
Development Fund, 1974," providing for the issu-
ance of interest bearing warrants drawn on such
fund in the amount of not to exceed 115,000.00,
and to be payable within one a y
ceived from the issuance and sale of authorized
general obligation bonds of the City and/or from
moneys anticipated to be received by way of grants
from the State of Washington Interagency Committee --
Bureau of Outdoor Recreation, and appropriating
such moneys and amending the City budget to provide
therefor.
WHEREAS, pursuant to Ordinance No. 73-20, passed by the
City Council and approved by the Mayor on November 19, 1973, the City
provided for the acquisition of certain properties within the City
and the development thereof as a park, including picnicing areas, a
children's playground, tennis courts, public restrooms, a community
beach area and shelter; providing for the borrowing of a total of
$150,000.00 and issuing and selling negotiable general obligation un-
limited tax bonds to pay a part of the cost of such improvements, the
balance of the cost of such improvements to be paid from moneys antici-
pated to be received by way of grants from the State of Washington
Interagency Committee -- Bureau of Outdoor Recreation, and providing
for the submission of the proposition of incurring such indebtedness
and issuing such bonds to the qualified voters of the City at a special
election to be held on February 5, 1974; and
WHEREAS, such special election of the qualified voters of
the qualified voters of the City duly ratified the proposition for
the incurring of such general indebtedness and issuing and selling
not to exceed $150,000.00 of the general obligation unlimited tax
bonds; and
WHEREAS, pending the issuance and sale of such general
obligation bonds and the receipt of the anticipated grant moneys,
it is necessary to provide interim financing to pay the costs of carry-
ing out portions of such improvements; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF WINSLOW, WASHINGTON: DO
ORDAIN, as follows:
Section 1. There is hereby created and established in the
office of the City Treasurer a special fund of the City to be known and
designated as the "Park Development Fund, 1974," which fund shall be
drawn upon for the purpose of paying the costs of carrying out the
park improvements authorized by Ordinance No. 73-20.
Pending the issuance and sale of the general obligation
bonds authorized by Ordinance No. 73-20 and approved by the voters of
the District at the special election held therein on February 5, 1974,
and the receipt of moneys by way of grants from the State of Washing-
ton Interagency Committee -- Bureau of Outdoor Recreation, the City
shall issue warrants drawn upon the "Park Development Fund, 1974" in
the total amount of not to exceed $115,000.00, to bear interest at
the rate of ~ % per annum from date of presentment to the City
Treasurer and not paid for want of funds until the same are paid.
Such warrants shall be paid in full by no later than one year from
the date of enactment of this ordinance from the proceeds of the sale
of the general obligation bonds and grant moneys to be deposited in
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the "Park Development Fund, 1974." Such warrants shall be issued to
~1 ~" ~
There is hereby appropriated the sum of $115,000.00 to be
deposited in the "Park Development Fund, 1974," for the purposes herein
state~ and the 1974 budget of the City being Ordinance No. 73-21
is hereby amended in accordance with the provisions of this ordinance.
PASSED by the City Council of the City of Winslow, Washing-
ton, at a regular open public meeting thereof and APPROVED by the
Mayor thereof this 3rd day of June, 1974.
Mayor
ATTEST:
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