HomeMy WebLinkAboutO-0626 - Issues warrant (Special)ORDINANCE,NO.626
An ordinance of the City,of Ha+ysville 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 Mat'ysvi,lle,by Ordinance No.608,passed
December 11,1967,authorized the issuance and sale of Revenue bonds
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in ,the sum of $160,000.00 to obtain the funds wi~~which to pay for
a system or plan of bettermenta and extensions of the waterworks
utility of the City,and
WHEREAS,the Water and Sewer Revenue :Construct~on Fund is
overdrawn,and
WHEREAS,the need exists to replenish this fund'for the
purpose of ma~ing immediate expenditures to pay fprobligations
incurred in the carrying out of'the purposes and plans described
in ordinance No. 608 pending th~issq.ance and sale of ,the bonds
authorized by said ordinance,now therefore,
THE CITY COUNCIL OF THE CITY OF HARYSVILLE DO ORDAIN AS FOLLOWS.l
Section 1.That the City of Marysville is hereby authorized
to draw a warrant in the sum of $100,000.00 on the Seattle First
National Bank which sum is to be credited to the Water and Sewer .'
Revenue Construction Fund ,for disbursement by that fUp.d.
Section 2.1'11a t:the warrant,.authorized by Section 1 of tllis
ordinance',shall 'be redeemed by a withdrawal of funds from the
Water andSe'W~r Revenue ~.ond Fund,cr~ated from pl:'pceeds ot'the
sale of the bonds 'authorized by oi-dinance 608;and between the
date of issuance and redemption shall bear interest at the rate of
5 per cent (5%)per annum.
Section 3.That this ordinance shall take effect five (5)
days from and after its passage,approval'and publication,as,
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proyidedby law.
PASSED by the City CoUncil 'bfthe City of Marysville-,this
____day of May,1965.
CITY of MARySVILLE
ATTESTI
I City Attorney
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