HomeMy WebLinkAboutO-0827 - Fund appropriation (Special)CIT Y 0 F MAR Y S V ILL E
Marysvllle,Washlngton
ORDINANCE NO.'tZ-7
An Ordlnance of the Clty of Marysvllle authorlzlng
loans from the Utlllty Constructlon Fund of the
Clty to the Water and Sewer Constructlon Fund 1974
and authorlzlng the Issuance of Interest-bearIng
warrants drawn upon the Water and Sewer ConstructIon
Fund 1974.
WHEREAS,the Clty of Marysvllle by Ordlnance No. 820 as
amended by OrdInance No. 822 establlshed Utlllty Local Improvement
DIstrIcts Nos.1,2 and 3 and created a Water and Sewer ConstructIon
Fund 1974 as a depOSItory for the funds for saId dIstrIcts,and
WHEREAS,certaIn prelImInary expenses In connectIon WIth
saId UtIlIty Local Improvement DIstrIcts have arIsen prIor to the
fundIng of the Water and Sewer ConstructIon Fund 1974 by the sale of
Water and Sewer Revenue Bonds 1974,and
WHEREAS,the CIty has found It necessary to meet some pre-
llmlnary expenses by loans from the CIty Utl1Ity ConstructIon Fund,
Now,Therefore,
THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON DO
ORDAIN AS FOLLOWS \
,
SectIon 1.Loans from the CIty UtIlIty ConstructIon Fund
to the Water and Sewer ConstructIon Fund 1974 for the purpose of
fInanclng prelImInary expenses of UtIllty Local Improvement Dl,strlcts
Nos.1,2 and 3 are hereby ratIfIed and authorIzed.'
Sectlon 2. Any and all loans from the Utlllty Constructlon
Fund to the Water and Sewer Constructlon Fund 1974 ratlfled or author-
lzed by thIS Ordlnance shall bear lnterest at the rate of 7-1/2%
per annum payable from the Water and Sewer Constructlon Fund 1974.
Sectlon 3.For the purpose of meetlng the prellmlnary ex-
penses of Utility Local Improvement Dlstrlcts Nos.1,2 and 3 and
repaYlng any and all loans from the Utlllty Constructlon Fund of the
Clty,the Clty Treasurer and the Clty Admlnlstrator shall be and
they are hereby authorlzed to lssue warrants bearlng lnterest at the
rate of 7-1/2%per annum drawn upon the Water and Sewer Constructlon
Fund 1974,sald warrants are to be paId out of the proceeds of the
sale of the Water and Sewer Revenue Bonds 1974.
PASSED by the Clty Councl1 and APPROVED by the Mayor thlS
30 day of ~,1974.
ATTEST
By /;i~~J'~
Clty Clerk
~M
CI y At 0
CITY OF MARYSVILLE
By,11L~H~