ORD 74-31 AMEND ORD 74-14 PARK DEVELOPMENT FUNDCITY OF WINSLOW, WASHINGTON
ORDINANCE NO. 74-31
AN ORDINANCE Of the City of Winslow, Washington,
amending Ordinance No. 74-14, passed by the City
Council and approved by the Mayor on June 3, 1974,
and entitled: "AN ORDINANCE of the City of Winslow,
Washington, creating a special fund to be known as
the 'Park Development Fund, 1974,' providing for
the issuance of interest bearing warrants drawn on
such fund in the amount of not to exceed $115,000.00,
to bear interest at the rate of 6-1/2% per annum,
and to be payable within one year Erom moneys
received 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. 74-14, passed by the
City Council and approved by the Mayor on June 3, 1974, the City
created a special fund to be known as the "Park Develooment Fund,
1974," provided for the issuance of interest-bearing warrants drawn
on such fund in the amount of not to exceed $115,000.00, to bear
interest at the rate of 6-1/2% per annum, to be issued to Wm. P.
Harper & Son & Company of Seattle, Washington, and to be payable
within one year from moneys received 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 appropriated such moneys and amended the City budget to provide
therefor, and under the terms of the June 3, 1974, a~,reement with
Wm. P. Harper & Son & Company the duration of such agreement was
extended to be six months at which time the warrant was to be
retired by the City; and
WHEREAS, such six month's period has expired, and the City
does not have available at the present time sufficient moneys to Pay
and retire such warrant; and
WHEREAS, Wm. P. Harper & Son & Company has agreed to extend
its agreement to carry such warrant until June 3, 1975, in consideration
of the City's fixing the interest rate on such warrant from the date
hereof until such warrant is paid and retired bV no later than June 3,
1975, at 7-1/2% per annum; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF WINSLOW, WASHINGTON, DO
ORDAIN, as follows:
Section 1. Section 1 of Ordinance No. 74-14, passed by the
City Council and approved by the Mayor on June 3, 1974, is amended to
read as follows:
Section 1. There is hereby created and established
in the office of the City Treasurer a soecial fund of the
city to be known and designated as the 'Park DeveloDment
Fund, 1974,' which fund shall be drawn uDon for the purpose
of paying the costs of carrying out the park imorovements
authorized by Ordinance No. 73-20.
Pending the issuance and sale of the general obligation
bonds authorized by Ordinance No. 73-30 and aDoroved by the
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voters of the City at the sDecial election held therein
on February 5, 1974, and the receipt of moneys bV way of
grants from the State of Washington Interagent[ Committee --
Bureau of Outdoor Recreation, the City shall iqsue a warrant
drawn upon the "Park Development Fund, 1974," in the total
amount of $115,000.00, to bear interest at the rate of 6-1/2%
per annum from date of presentment to the City Treasurer
and not paid for want of funds, such date being June 2, 1974,
to date hereof, and at the rate of 7.1/2% per annum from
date hereof until the same is paid. Such warrant 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 the "Park Development Fund, 1974." Such
warrant shall be issued to Wm. P. HarDer & Son & ComDany.
There is hereby appropriated the sum of $115,000.00
to be deposited in the "Park DeveloDment Fund, 1974," for
the purposes herein stated, 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, Washington,
at a regular open public meeting thereof and APPROVED bv the Mayor
thereof this 16th day of December, 1974.
ATTEST:
./.
,.../" City Attorney
May o r ~/,
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