HomeMy WebLinkAboutO-0454 - Reserve fund for sewerage lagoon (Special)PASSED BY THE COUNCIL AND APPR017ED BY THE HI\.YOR ON THIS
ORDINANCE NO..LfS if-
AN ordinance establishing a reserve fund for the payment of the balance;due.'
on an executory contract,also called "contract"',for the::purchasa of a 'site
for a sewage lagoon.
BE IT ORDAINIID BY THE TOlIN COUNCIL CF THE TOVIN CF MJillYSVILLE,VlASHIllGTON:
1 ..There is heneby created a.reserve fund to be known asr.bhe "Sewage Lagoon
Reserve Fund"into ;Thich shall be paid the principal sum of $37,800..00 by the
transfer of this amount from the "Water and SS1,er Revenue Construction Fund"
to be established by a separate ordinance.
2..The reserve fund shall be invested in United states Government Securities
'Thich shall mature at intervals of 6 months.
3 •.The proceeds obtained by conversion of these securities to cash shall be
used to pay the principal and interest on the contract for the purchase of the
sewage lagoon site.
4.The reserve fund hereby established shall be irnevocably cOl!lIllii.tted to the
payment of the installments as they become due on the contract and sha.1JL be.
used for no other purpose.
5.The TO'1ll Treasurer is hereby directed to convert.the securities to cash
upon their maturity dates and to use the proceeds.to p'ay the installments of
principal and interest due on the contract.
6~The securities shall be deposited in a bank or bal~'s,located in the
County of Snohomish,and designated by a majority vote of'the Town CouncU
as a depositary for such securities.
7.This ordinance shall take effect from and after its passage b}l'the
Council and its approvaJ.by the Nayor and after its legal pUblication
as required by law,and shall thereafter be in full foz-ce and ef'tect:.
ti,u DAY OF
JULY,1959.
Attest':;~~
Approved as to torm::;
Luczep;;;u)tf/uMLavt
.....lm1ll..Att.ornev