HomeMy WebLinkAboutO-0615 - Repeals Ord. 612, fund transfer (Special)ORDINANcr;l\lO._E:;;.....1~5'--__
AIl ORDINM{GB OF TIL~CITY OF'j'iAdYSVILLE REP:ri:AI.DrG
OctDIHAHCE NO.612,.PASSED JAHUARY 8,1968,am
AUTHORIZING rrHg TRANSFER OF FUHDS FRmi THE ':II'/PER
DISTRIBUTION "R"SS::::RV3 TO THE ABTERIAI.SI'l~:::ET FUND.
Cl1L:i:R6AS,the Arterial street Fund has been depleted to t.lie .
extent thet it is on the verge of being overdrA~n,and
~:lHER8AS,the need exists to replenish this fund for the
purpose of m8king immediate expenditures to pay for.obligations
incurred in the improvement on Grove Street,now tberefore,
rrH.8 CITY COUNCIL OF THE CITYOFt>iARYSVILLE DO ORDJI.Dr AS FOLLm'!S:
Section 1.That the city Treasurer is hereby euthorized to
transfer the sum of $20,000.00 from the \'.later Distribution Heserve
Fund to the Arterial Street fund.
Section 2.Thet as fundsa.coumulate in the Arterial Street
Fund ,transfers shall be made quarterly from this fund bl?ck to the
'.'!c>.ter Distribution rteserve Fund,"'.nd t het interest at the rete of
S %)per cent per .annum be·char-ged for the Loan ,
and that the t r-anarer e of funds o uar-t er-Ly sheJ.l include interest on
the diminishing balance of s<lid loan.
Section 3.That this ordinance shalltru~e effect end be in
f'or-ce from and after its passage,approval,and five (5)days
folloITing its publication as required by law.
PASSZD by the City Council of the City of f;jarysvillc',this
22:nd ,.day 0 f J anue.ry I 1968.
THI!:CITY OF nAl~YSVILL~
By---...:..--------~r~-8.-y-o-r--.
A'i'TEST:
City Clerk
;'.P~:.:tOVED AS fro .}'OI~;:
..L?~·a~a4W
'Cj,ty Attorney·'