Loading...
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 -71 �!r J Ac �ci_./fir MAYOR. PUBLISHED:",Ix.C. »2-