ORD 75-16 LOAN FROM STREETS FUND TO SEWER CONSTRUCTION FUNDORDINANCE NO. 75-16
AN ORDINANCE AUTHORIZING LOAN OF $36,000.00 FROM THE
STREETS FUND TO THE ADVANCE SEWER CONSTRUCTION FUND
AND THE EXPENDITURES THEREOF~ AND AMENDING THE 1975 BUDGET.
WHEREAS, monies expended from the Advance Sewer Construction Fund
will exceed anticipated revenue and
WHEREAS, non eligible costs of the project will not be funded by
Federal or State grants,
THE CITY COUNCIL, OF THE CITY OF WINSLOW, WASHINGTON, DO ORDAIN
AS FOLLOWS:
THAT $8,000.00 is hereby authorized for payment of non-eligible
project costs and $28,000.00 authorized for 90% payment of the
Penetryn contract and current project engineering costs;
THAT $36,000.00 be transferred as a temporary loan from the
Streets Fund to the Advance Sewer Construction Fund;
THAT said loan be repaid from anticipated grant funds to cover
eligible project costs and balance of loan be repaid from pro-
ceeds of anticipated sale of Sewer Revenue Bonds and that said
loan shall bear an interest rate of 3% per annum.
ADOPTED by the Council of the City of Winslow and approved by its
Mayor this 15th day of December, 1975.
ATTEST:
CLERK/TREASURER
First reading December 1, 1975
Second reading December 15, 1975