ORD 81-10 LOAN FROM GENERAL FUND ORDINANCE NO. 81 -/O
AN ORDINANCE RELATING TO INTERIM FIN~.NCING IN
LID 5, ALLOWING FOR A LOAN FROM THE GENERAL
FUND AND FIXING AN INTEREST RATE.
WHEREAS, Ordinance No. 78-32 passed by the City Council and
approved by the Mayor on November 20, 1978 authorized the
issuance of revenue warrants payable out of the "Local
Improvement Fund, District No. 5, "to pay the cost of
carrying out the improvements ordered by Ordinance No. 78-32
in Local Improvement District No. 5; and
WHEREAS, Pacific National Bank, Main Office, Seattle, Washington,
previously offered to purchase revenue warrants of Local
Improvement District No. 5, such warrants to bear interest at the
rate of 8.40% per annum and to be redeemed on or before
April 1, 1980; and
WHEREAS, Warrant No. 8054, was issued on June 19, 1980, in the
amount of $6,803.11, bearing interest at the annual rate of
7~5%, Warrant No. 8057, issued on August 18, 1980, in the amount
of $729.15 at a rate of 7.5%, Warrant No. 8059 issued on
October 30, 1980, in the amount of $6,049.58 at a rate of 9.5%; and
the City desires to issue additional revenue warrants to pay the
costs of Local Improvement District No. 5 from the City Current
Expense Fund at the rate of 13% per annum, which warrants will be
repaid on or abcut May 30, 1981;
NOW THEREFORE, The City Council of the City of Winslow, Washington
do ordain as follows:
Warrant Ne. Issue Bate Amount Interest Rate
8054 6/18/80 $ 6,208.11 7.5%
8057 8/18/80 729.15 7.5%
8059 10/30/80 6,049.58 9.5%
Section 2~
Additional Revenue Warrants drawn on Local
Improvement Fund No. 5, to bear interest at the rate of
13% per annum shall be purchased by the Current Expense
Fund and will be redeemed on or about May 30, 1981.
PASSED by the City Council of the City of Winslow,
Washington this 25th day of February, 1981.
ATTEST:
A,lice B. TAwresey ~/
Mayo r
City Attorney
I do h reby ~ertify t is Ordinance was signed by the Mayor
this -~ day of~c ~/~>/and thereafter posted
this ~ day o,f ~ ~ 7~/ at the F ry Terminal
Chamber of CoL..~rce City~ffective ~~
S E A L ~Z ~
a
Clerk/T~Surer