HomeMy WebLinkAboutO-0801 - Garbage and refuse fund loan (Special)ORDINANCE NO
AN ORDINANCE OF THE CITY O~MARYSVILLE
LOANING $7,000 00 FROM THE WATER-SEWER
COMBINED RESERVE ACCOUNT TO THE GARBAGE
AND REFUSE FUND,AND PROVIDING FOR
INTEREST AND MATURITY DATE
WHEREAS,an emergency eXlsts to purchase a new garbage
truck due to the unforeseen fallure of the old garbage truck,and
thlS loan 1S necessary to pay for the same,
NOW THEREFORE,THE CITY COUNCIL OF THE CITY OF MARYSVILLE
DO ORDAIN AS FOLLOWS
Sect10n 1 That there 1S hereby loaned from the Water-
Sewer Comblned Reserve Account to the Garbage and Refuse Fund
Cap1tal Outlay Fund the sum of $7,000 00
Sect10n 2.That the sa1d $7,000.00 shall bear lnterest
at the rate of 6%per annum commenc1ng on the date of the transfer
and sa1d sum,plus 1nterest,shall be pa1d one year from that date
However,1n the event the funds are not ava1lable to repay the same
plus 1nterest,then the matur1ty date shall be extended each year
from year to year unt11 such funds are ava11able and repayment 1S
made
Sect10n 3 The C1ty Treasurer be and she 15 hereby
authorlzed and directed to do such acts as 1S necessary to effect
th1S loan
Sect10n 4 Th1S Ord1nance,1n order to be passed,shall
requ1re the vote of a maJor1ty of the counc11 plus one
Sect10n 5 Th1S Ord1nance shall take effect from and after
passage and five days follow1ng 1tS publ1cat1on as requ1red by law
PASSED BY THE CITY COUNCIL OF THE CITY OF MARYSVILLE THIS
u.,.(17 ~day of Augus t,1973
ATTEST
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CITY OF MARYSVILLE