HomeMy WebLinkAboutO-0582 - Authorizes issuance of warrants for water and sewer construction fund (Special)ORDI'NANCE NO 0 582
An ordinance of the City of Karysville authorizing the issuance of
a warrant for the purpose of borrowing funds to be placed in the
Water and Sewer Revenue Construction Fund.
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Whereas,the Cit¥'of Marysville,by Ordinance No.581,passed
April 10,1967,authorized the issuance and sale of Revenue bonds
in the sum of ~275,OOO.OO to obtain the funds with which to pay for
a system or plan of betterments and extensions of the waterworks
utility of the City,and
Whereas,the Water and Sewer Revenue Construction Fund is overdrawn,
and
Whereas,the need exists to replenish this fund for the purpose of
making immediate expenditures to pay for obligations incurred in
the carrying out of the purposes and plans described in Ordinance
No.5$1 pending the issuance and sale of the bonds authorized by
this ordinance,now therefore,
THE CITY COUNCIL OF THE aITY OF r.1ARYSVILLE DO ORDAIN AS FOLLOWS:
SECTION 1:'i'hat the City '~ARYSVILLE is hereby authorized to
draw a warrant in the sum of $60,000.00 on the Seattle First
National Bank which sum is to be credited to the Water and Sewer
Revenue Construction Fund for disbursement by that fund.
SECTION 2:That the warrant,aut hord aed by Section 1 of this
ordinance,shall be redeemed by a withdrawal of'funds from the
Water and Sewer Revenue Bond.Fund,~967,created from proceeds of
the sale of the bonds authorized by'Drdinance 58';and between the
date of issuance and redemption shall\bear inte~e8t at the rate of
5 per cent (5%)per annum.\
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SECTION 3:That this orr'Lnanoe shall take effect .£i ve !5).days from
and after its passage,approval and publication,as provided by law~
Passed by the City Council of the City of lilarysville I this 8th
day of May ,1967.
CITY OF r~RYSVILLE
ATTF.ST:
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