HomeMy WebLinkAbout1962-399 •
ORDINANCE NO® _4g_
AN ORDINANCE creating the "Sewer Construction Pund" of the City of
Yakima; authorizing a temporary loan into such fund, and
providing for repayment; and declaring an emergency.
WHEREAS, it is necessary that a special fund to be known as the
"Sewer Construction Fund," be created for the purpose of depositing
moneys for and paying the costs of the installation of the Washington
Avenue Interceptor Sewer and the expansion and modification of the
sanitary sewage and industrial waste treatment facilities, including
all costs of every nature whatsoever related thereto, and
WHEREAS, the Cumulative Reserve for Domestic Water Supply Develop-
ment Fund of the City of Yakima will, on December 21, 1962, contain
uninvested cash in excess of $30„000.00 which will, on said date, be
available for investmentvthe Water Deposits Fund of the City of Yakima
41, will, on December 21, 1962, contain uninvested cash in excess of
$50,000.00 which will, on said date, be available for investment; and
the Special Water Deposits in Lieu of L.I.D. Fund of the City of Yakima
will, on January 16, 1963, contain uninvested cash in excess of
,560,000.00 which will, on. said date, be available for investment, and
WHEREAS, the City Council of the City of Yakima finds that it is
in the best interests of the people of the City of Yakima to create
such fund and to make the loans provided for herein, and that an
emergency exists, now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA
Section 1. That there is hereby created a fund to be known as
the "Sewer Construction Fund" of the City of Yakima for deposit of
41 0 moneys for and the payment of the costs of the installation of the
Washington Avenue Interceptor Sewer and the expansion and modification
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of the sanitary sewage and industrial waste treatment facilities in-
110 eluding all costs of every nature whatsoever related thereto.
Section 2. That the sum of $80000.00 be transferred and loaned
to the Sewer Construction Fund from the following funds and in .the fol-
lowing amountsc
• Cumulative Reserve for Domestic Water Supply
Development Fund $30
Water Deposits Fund 50,000,00
4:40 C70
effective January 2, 1963; and that the sum •of $60,000.00 be transferred
and loaned to the Sewer Construction Fund from the Special Water Deposits
in Lieu of L.I.D. Fund, effective January 16, 1963; and that said loans
be repaid, together with interest at the rate of l&per annum, by the
issuance of Water-Sewer Revenue Bonds at such time as a determination
is made of the amount necessary for the additions and modifications to
• the sewage treatment facilities, but in any event to be repaid within
one year from the date of this ordinance.
Section 3. The Director of Finance and the City Treasurer of the
City of Yakima are hereby authorized and directed to make the necessary
transfers to carry out the provisions of this ordinance.
Section 4. This ordinance is one to provide for the immediate
preservation of the public peace, property, health, safety . and welfare
of the people of the City of Yakima, and an emergency is hereby declared
to exist, and this ordinance shall be in full force and effect immedi-
ately upon its passage, approval and publication, as provided by law
and by the City. Charter.
PASSED BY THE CITY COUNCIL, signed and approved this 10th day of
December, 1962.
• ATTESTt 401f
Ammg/- /,
Mayor
/ Ci y C er.
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