HomeMy WebLinkAbout0366 OrdinanceORDINANCE N0. 5� �
All ORDINANCE ATENDING ORDINANCE N0. 359, ENTITLED "AN ORDINANCE
CREATING SINKING FUNDS FOR THE RETIRE17NT OF MITER -Al OBLIGATION .AND
PUBLIC UTILITY BOITDS OF TEE CITY OF PASCO AND PROVIDING FOR THE IN_
VESTEENT OF MONIES OF SAID FUNDS IN 11UNICIPAL BONDS AND WARRANTS BY
THE CITY TREASURER."
The City Council of the City of Pasco do Ordain as follows:
Section 1. That Section 4 of Ordinance 11o.359 of the City of
Pasco be amended to read as follows:
"Section 4. It shall be the duty of the City Treasurer to invest
all m6nies in any bond redemption fund so far as possible in any of
the following securities payable prior to the date the monies in-
vested are to be applied:
In interest-bearing nunicipal,school district, county or state
bonds, or warrants, United States bonds, or certificates of indebt-
edness issued by the Federal Government, or local improvement bonds
or warrants, or public utility bonds or warrants issued by or under
the authority of a municipality of this state for water works,water
power, or lighting plants, or maintenance thereof, upon which prin-
cipal or interest shall not be in default at the time of such pur-
chase." Said Section 4 of Ordinance No.359 is hereby repealed.
Section 2. This ordinance shall take effect five days from
and after its passage, approval and publication as required by law.
a
Passed the City Co ell the � day ofL�19 2'7 , and P_
proved by me this May of JrA#, 1927.
ATTEST:
'-Mayor.0
�
City Clerk.
Approved as to form:
City Attorney.
Proposed 'Revision of Ordinance 359 (Sinking Funds)
Section 4 is to read:
"It shall be the duty of the City Treasurer to invest all
monies in any Bond Redemption Fund so far as possible in any
of the following securities payable prior to the date the monies
invested are to be applied:
In interest bearing municipal, school district, county
or state bonds, or warrants., United States blinds or certificates
of indebtedness issued by the Federal government, or local im-
provement bonds or wa-rrantal or public utility bonds or warrants
issued by or under the authority of a municipality of this state
for water works, water power or lighting plants xt or maintenance
thereof, upon which principal or interest shall not be in default
at. the time of such purchase.