HomeMy WebLinkAbout1012 OrdinanceORDINANCE NO. 1012
AN ORDINANCE PROVIDING FOR THE ISSUANCE, REGISTRATION,
INTEREST RATE, AND PAYMENT OF WARRANTS UPON THE CURRENT
EXPENSE FUND OF THE CITY OF PASCO, WASHINGTON, IN THE EVENT
THERE ARE NOT SUFFICIENT FUNDS IN THE HANDS OF THE TREASURER
OF THE CITY OF PASCO WITH WHICH TO MEET THE CURRENT EXPENSES.
THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS:
Section 1.
Whenever it shall appear to the City Treasurer of the City of Pasco
that there are not sufficient funds in his hands as such Treasurer with which
to meet the expenses of the Current Expense Fund of the City of Pasco, and
the City Council shall have authorized the issuance of a warrant drawn upon
Current
said/Expense Fund, then in each and every such case if such. a warrant should
be presented for payment and there shall be no funds on hand to pay the same,
the warrant shall be endorsed by the City Treasurer showing that the warrant
was presented and registered on a certain date, was not paid for want of funds,
and is to bear interest at a certain specified rate per annum from date of
presentment and registration.
Section 2.
It shall be the duty .of the City Clerk to make monthly investigations to
ascertain. the market value of the current warrants issued by. him, and he shall,
so far as is practicable, fix the rate of interest on. warrants issued by him
during the ensuing months so. that the par value shall be the market value thereof.
In this regard, the Clerk shall counsel with and weigh the recommendations- of
the Finance Committee of the City of Pasco.
Section 3.
The. rate of intere.st which_ is approved at this time is 3z% per annum,
and it is this rate which will be currently specified on said warrants, subject
to change as provided for in Section 2; provided, however, that the interest rate
shall never be greater than 810 per annum.
Section 4.
The warrants shall draw interest from and after presentation to the
Treasurer, but no compound interest shall be paid on any of said warrants,
directly or indirectly. The. Treasurer shall pay all warrants in the order of
their number and date of issue whenever there are sufficient funds in the
treasury applicable to the payment. If $500.00 is accumulated in the Current
Expense. Fund, the Treasurer shall publish a call for warrants to that amount
in the next issue of the Cityls official newspaper, describing the warrants so
called by number and specifying the. Fund upon which they were drawn; provided,
that no call need be madeuntil. the amount accumulated is equal to the amount
due on the warrants longest outstanding; and provided, further, that no more
than two- calls shall be made in any one month.
Section 5.
This. ordinance shall be in full force and effect after its passage and
publication as required by law.
PASSED by the. City Council and APPROVED by the Mayor this 5 day of
November, 196.0.
ATTEST.
G
ity Clerk
APPR,VED A
City Attorney
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Ac
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MAYOR.
PUBLISHED:",Ix.C.
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