HomeMy WebLinkAboutO-0785 - Loan to utility construction fund (Special)ORDINANCE NO 1~5
AN ORDINANCE OF THE CITY OF MARYSVILLE
LOANING TO UTILITY CONSTRUCTION FUND
$20,000 00 FROM THE COMBINED WATER AND
SEWER RESERVE FUND-INVESTMENT
WHEREAS,the Ut111ty Construct1on Fund 1S overdrawn 1
and the Comb1ned Water and Sewer Reserve Fund-Inves~ment
has suff1c1ent sums to loan @ 4%and such 1S 1n the best 1nterest
of the C1ty of Marysv11le,NOW,THEREFORE,
THE CITY COUNCIL OF THE CITY OF MARYSVILLE DO ORDAIN
AS FOLLOWS
Sect10n I The Ut111ty Construct1on Fund 1S loaned
$20,000 00 from the Comb1ned Water and Sewer Reserve Fund-Investment
@ 4%1nterest per annum commenc1ng upon the date hereof and pr1nc1pal
and 1nterest to be pa1d w1th1n one year from the date hereof,but
ln the event of non-payment,the matur1ty date shall be extended from
year to year untl1 pa1d 1n full plus 1nterest
Sectl0n 2 The Clty Treasurer of the Clty of Marysv11le
shall do what 1S necessary to effect the loan
Sect10n 3.ThlS Ordlnance,to be passed,shall requlre
the vote of the majorlty of Counc11 plus one
Sectlon 4 ThlS Ordlnance shall take effect from and
after 1tS passage and f1ve (5)days follow1ng 1tS publ1cat1on as
requ1red by law
PASSED by the C1ty Counc11 of the Clty of Marysv11le,
Washlngton,thlS cit day of
ATTEST,
C ty Attorney
.\
CITY OF MARYSVILLE
BY~~~
May 0 r