HomeMy WebLinkAbout1450 Ordinance. •;7
ORDINANCE NO. 1450
AN ORDINANCE PROVIDING FOR A TEMPORARY LOAN IN THE
AMOUNT OF $48,000 FROM THE ARTERIAL STREET FUND TO
THE STREET FUND; PROVIDING FOR REPAYMENT PLUS ASSESSING
INTEREST, AND REPEALING ORDINANCE NOS. 1425 AND 1435 IN
THEIR ENTIRETY.
WHEREAS, $48,000 was needed in the Street Fund in order to complete street
work in the Urban Renewal area, and
WHEREAS, said money was available in the Arterial Street Fund, and
WHEREAS, Ordinance No. 1425 and Ordinance No. 1435 created loans in
the amounts of $40, 000 and $ 8, 000, plus interest at 6%, to be repaid from
sales tax revenue prior to December 31, 1970, and
WHEREAS, the City is unable to meet this obligation at this time, NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS:
Section 1. The following loan is hereby authorized:
FROM AMOUNT TO
Arterial Street Fund $48,000 Street Fund
Section 2. Said funds are to be used by the Street Fund to complete street
work in the Urban Renewal area.
Section 3. This loan shall be repaid by the Street Fund, together with interest
at the rate of 5% per annum, as funds are appropriated to do so.
Section 4. Ordinance Nos. 1425 and 1435, and any Ordinances in conflict with,
are hereby repealed.
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 this 15 day of
1970.
ATTEST•
no
HARRY D(Kf NZER'; I)JRECnR OF FINANCE
AND Ex -OFFICIO CITY CLERK
APPROVED A TO .FORM:
D. WAYNE CA PBELL, CITY TORNEY
t . E .. CARTER , MAYOR
December