HomeMy WebLinkAboutO-0679 - Authorizes general obligation street bonds (Special).;
ORDINANCE NO."t 79
AN ORDINANCE OFTRE CITY OF MARYSVI'LLE AUTHORIZING
THE ISSUANCE OF A WARRANT FOR THE PURPOSE,-OF BORROWING'
FUNDS TO BE PLACED IN THE CITY STREET FUND.
WHEREAS,the City of Marysville,by OrdinanceNo~,669,passed
July,14,1969,authorized the'issuance and sale of,General Obliga tian
street bonds,1969 in the suin 'of $100';000.00 to ob'tain'the ,funds
wfth which to pay for the seal-coating of all stree'ts within the
City,and
WHEREAS,the City Street Fund,is overdrawn,and
WHEREAS,the ,need exists,to replenish this fund for the
.puzpose of making ~ediate expenditures to pay for obliga'tions
incurred in the carrying 'out ~f thepurposes:and plans described
,in Ordinance No. 669 pending the issuance and sale of the bonds
authorized,by said ordinan'c~,now..therefore;,'
THE ¢ITY COUNCIL OF THE CITY OF'MARYSV,ILLE DO ORDAIN,AS ,FOLLm'!S 1
,,
Section 11 That the~City of Marysville is hereby aut~orized
to 'draw a warrant in the sum of ~p to $30,000.00 ontne Seattle-First
National Bank·which sum is'to,be credited to the City Street Fund
for disbursement by that fund.
Section,21""That the warrant,authorized by Section 1 of this
ordinance,shall be redeemed by a withdrawal of funds from 'the City
Street Fund~creat~d from proc~~ds of the sale of the bonds a~thorized
by Ord,inance 669;and betweef?the date of issuance and redemption
shall bear interest at the rate of su per cent (6%')per annum.
Section 31 'That this ,ordinance Shall ,take effect five ,(5)
days from 'and after its passage,approval and publication,as
provided bylaw.
PASSED by the'City CoUncil.of the City of Marysville,this·
>Iii.'day of .Sept;ember,~969.
May 0 r
By_·_'-__~----..,.
ATTEST,
. 'City Attorney'.
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