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ORDINANCE NO. / %� O
AN ORDINANCE providing for extension of certain
loans to the Sewer Fund.
WHEREAS on the 21st day of March, 1968, the City Council
by Ordinance No. 1637 authorized the Sewer Fund to borrow
$750,000.00 from the Light Fund, $250,000.00 from the Current
Expense Fund, and $100,000.00 from the L.I.D. Guarantee Fund of
which sum only $873,000.00 was actually borrowed; and
WHEREAS the outstanding balances on said loans as of March
31, 1971, on each of said loans is: Current Expense Fund
$172,340.00, Light Fund $383,000.00, L.I.D. Guarantee Fund
$67,660.00, for a total of $623,000.00; and
WHEREAS the additional costs in setting up a sewer revenue
bond issue to pay off said balance are not warranted and it is in
the best interest of the City to extend said loan on the present
current interest rate for a period of three (3) years; and
WHEREAS the current interest rate for obligations of this
type is four and one -half per cent per annum, now, therefore,
BE IT ORDAINED-BY THE CITY COUNCIL OF THE CITY OF PORT
ANGELES as follows: -
Section 1. The outstanding loans from the Current Expense
Fund in the amount of $172,340.00, Light Fund in the amount of
$383,000.00, and L.I.D. Guarantee Fund in the amount of $67,660.00
to the Sewer Fund are extended and renewed for a period of three
(3) years from the date hereof.
Section 2. The Sewer Fund shall, within three (3) years
from the date of this Ordinance, pay back all loans with interest
thereon at the rate of four and one -half (4 1/2) per cent per
annum. These repayments are to be made from the income of the
Sewer Fund and other available funds.
PASSED by the City Council of the City of Port Angeles
and approved by its Mayor at a regular meeting of the Council
held on the 6th day of April, 1971.
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Attest:
City Clerk
Approved as to form:
i
` 'pity Attorne
PUBLISHED: