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3 /,15.1c)
ORDINANCE NO. c,?0 6 /
AN ORDINANCE of the City of Port Angeles,
Washington, authorizing and directing
the City Manager to execute on behalf
of the City an agreement between the
State of Washington Economic Assistance
Authority, the U. S. Department of Commerce
Economic Development Administration and
the City for aid in financing the costs
of the Municipal Civic Pier Project.
THE CITY COUNCIL OF THE CITY OF PORT ANGELES DO ORDAIN
as follows:
Section 1. That the City Manager is hereby authorized
and directed to execute, on behalf of the City, a Final Con-
tractual Agreement between the U. S. Department of Commerce
Economic Development Administration, the State of Washington
Economic Assistance Authority and the City, and such other docu-
ments as may be required by the United States and the State of
Washington for aid in financing the cost of the Municipal Civic
Pier Project.
A copy of said Final Contractual Agreement is attached
hereto designated as Exhibit A and made a part hereof as though
set forth herein in full.
Section 2. The City Council has accepted the offer
of the grant and loan from the Washington State Economic
Assistance Authority in the amount of $50,000 (grant) and the
offer of a combination grant and loan from the U. S. Department
of Commerce Economic Development Administration-made pursuant
to the Public Works and Development Act of 1965 in the res-
pective amounts of $75,000 (grant) and $125,000 (loan), said
loan to bear interest at the rate of 8.625% per annum.
Repayment of said loan shall be in accordance with the
provisions of Article 10 of the General and Special Conditions
to the Final Contractual Agreement and more particularly as
follows: Beginning one year from date of first disbursement equal
annual installments of principal end interest for a period not
to exceed ten (10) years.
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The City of Port Angeles reserves the right to accelerate pay-
ments on principal and eliminate the interest on any accelerated
principal payments.
Section 3. This obligation shall be considered a general
legal obligation of the City of Port Angeles and the City hereby
pledges its full faith and credit to the payment thereof.
Section 4. The City of Port Angeles shall establish a
separate fund as provided by law to be known as the Economic
Assistance Authority Fund. There shall be sufficient monies
placed in this fund to meet the above detailed repayment schedule.
The source of payment shall be the City General Fund.
PASSED by the City Council of the City of Port Angeles at
a regular meeting of the Council held on the /,S day of
.4106-06064,,ey__, 19 0-
ti
ATTEST:
J e. £ &)
Marian C. Parrish, City Clerk
APPROVED AS TO FORM:
Craig . Miller, City Attorney
PU ISHED: �, 2, /9.7)