HomeMy WebLinkAboutO-0594 - Authorizes issuance of warrants for water and sewer construction fund (Special)ORDINANCE NO.594
AN ORDINANCE of the City of l'1arysville authorizing the .issUance of a warrant
for the purpose of borrowing funds to be placed in the Water and Sewer Revenue
Construction Fund..
WHEREAS,the City of Marysville~by Ordinance.No.581,passed April 10,1967,
authorized the issuance and sale of revenue boms in the sum of $275,000.00 to
obtain the funds With which to pay for a.system or plan of betterments and
extensions of the waterworksutility,of the City,and .
Whereas,Ordinance No.581was amendedby Ordinance No.586.passed May 22,1967.
which authorized the issuance and sale of revenue bonds in the sum of $425,000.00 •
.being an increase of $150,000.00 Oyer the original authoriza,tion,and
Whereas~the Water am Sewer Revenue Construction Fund is overdrawn,and
Whereas.the need.exists to replenish this ·fund for"·,the purpose of making
immediate expenditures to pay fOI".obligations incurred in the carrying out of the
purposes and plans described in OJ;'dinances No. 581 al'ld.586.pending the issuance
and sale of the bonds authorized by these ordinances.now therefore.
THE CITY COUNCn,OF THE CITY OF MARYSVILLE DO ORDAIN AS FOLLOI'lS:
SECTION Lr 'l'hatthe City of Marysville is hereby authorized to draw a warrant
in the sum of $90,000.00 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:Thattje warrant.authorized by Section 1 of this ordinance,shall
be redeemed by a idthdrawal of funds from the Water and Sewer Revenue Bond Fund,
J967,created from proceeds of the sale of the bonds authorized by Ordinance 581;
and between the date of issuance and redemption shall bear interest at the rate
of 5%per annum,
SECTION 3:That this ordihance shall'take effect ard-be in:force from am after
its passage.approval,and five.days following its publication as required by law.
Passed by the City Council of the City of Harysville,this 10th day of July,1967.
By:----::;~="--........---=------
APPROVED AS TO FORM:
CrTY AT'J)()RNEY