HomeMy WebLinkAbout1962-342 ORDINANCE NO 2/7_,
AN ORDINANCE authorizing a temporary loan of $20,000.00 from the Water
Deposits Fund to the Municipal Airport Fund, providing
for repayment, and declaring an emergency.
WHEREAS, the Water Deposits Fund of the City of Yakima currently
contains uninvested funds in excess of $60,000.00, and
WHEREAS, a temporary loan to the Municipal Airport Fund of the
amount of 820,000.00 for a period of not to exceed two years is neces-
sary to pay the expenses of acquiring property for use as an airport
clear zone facility, and
WHEREAS, the City Council deems it in the best interests of the
people of the City of Yakima to make a temporary loan of 820
from the Water Deposits Fund to the Municipal Airport Fund, now there-
fore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
• Section 1. That the sum of 820,000.00 is hereby transferred and
loaned from the Water Deposits Fund to the Municipal Airport Fund to
be repaid within a period of time not to exceed two years from the
effective date of this ordinance, with interest at 3% per annum.
Section 2. The Director of Finance and the City Treasurer are
hereby authorized and directed to make the necessary transfers to
carry out this ordinance.
Section 3. This ordinance is one to provide for the immediate
preservation of the public peace, property, health and safety 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 immediately
upon its passage, approval and publication as provided by law and by
the City Charter®
111111 PASSED BY THE CITY COUNCIL, signed and approved this 28th day of
May 1962. ■
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