HomeMy WebLinkAbout1853ORDINANCE NO. 125-e
AN ORDINANCE extending the time for payment
of the loan from the Current Expense Fund
to the Off- Street Parking Fund, and Amend-
ing Ordinance No. 1756.
WHEREAS,Ordinance No. 1685 provided for a loan from the
General Administrative Fund to the Off- Street Parking Fund in
the amount of $50,000.00 payable over a period of twenty -five
(25) years; and
WHEREAS, Ordinance 1685 was amended by Ordinance No. 1756
providing for the repayment of said loan over a three (3) year
period commencing with 1972; and
WHEREAS, the Off- Street Parking lots have been unable to
generate sufficient revenues to pay of the $50,000.00 in full
and there is now due and owing to the City of Port Angles the
sum of $8,000.00 from the original loan, and the Downtown Parking
Association has made a good -faith effort to comply with the terms
of their contract with the City; Now, Therefore,
BE IT ORDAINED BY THE City Council of the City of Port
Angeles as follows:
Section 1.
Section 2. of Ordinance No. 1756 is hereby amended to read
as follows:
"The balance remaining on said loan shall be repaid
to the General Fund by the Off- Street Parking Fund
over a two (2) year period, commencing with 1975,
with interest as set out in the existing contract
between the City of Port Angeles and the Downtown
Parking Association."
Adopted by the City Council of the City of Port Angeles
and approved by its Mayor at a regular meeting of the City
Council held on the 20th day of May, 1975.
C. Vernon Basom, Mayor
Attes -tom w jam/
I��QiY-IJ
Marian C. Parrish,,` City Clerk
Approved-as-to form:
Stanley A. Tayl r, City Attorney
PUBLISHED: 69Lau�( �Z3,/97