HomeMy WebLinkAbout1961-280 411 ORDINANCE NO. 2J
AN ORDINANCE providing for the loan of $12„000.00 from the City of
Yakima Local Improvement Guaranty Fund to the Municipal
Airport Fund, providing for repayment, and declaring an
emergency.
WHEREAS t in Resolution No D-301 the City Council of the City of
Yakima authorized the City Manager to negotiate with Lamson Aircraft
Company, Inc., for the purchase of a certain hangar building and listed
personal property on real property located on the Yakima Municipal Air-
port and leased by the City to the said Lamson Aircraft Company, Inc.,
for the sum of $12,000.00 subject to certain conditions, and
WHEREAS, the said Lamson Aircraft Company has complied with the
411 conditions set forth in said Resolution No. D-301„ and the City Manager
• has completed the negotiations for the purchase of the same for said
price, and
WHEREAS, there is insufficient money in the Municipal Airport Fund
for the purchase of said building, and the City Council finds that it
is in the best interests of the people of the City of Yakima to make a
temporary loan of the sum of $12 from the Local Improvement
Guaranty Fund of the City of Yakima to the Municipal Airport Fund, now
therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. That the sum of $12000.00 is hereby transferred and
loaned from the Local Improvement Guaranty Fund of the City of Yakima
to the Municipal Airport Fund, said loan to be repaid at the rate of
$4 each year plus annual interest on the unpaid balance at the
410 rate of 3, per annum, the first of such repayments to be made not later
than September 12 1962, and not later than the 12th day of September
of each succeeding year thereafter until said total loan and interest
-1-
40 is repaid in full
Section 2. The Director of Finance and the City Treasurer of the
City of Yakima are hereby authorised and directed to make the necessary
transfer.
Seet1on3, This ordinance is one to provide for the immediate
preservation of the public peace 9 property p health and safety of the
people of the City of Yakima p and an emergency is hereby declared to
exist and this ordinance shall be in full force and effect immediately
upon its passagep approval and publication as provided by law and by
the City Charter.
PASSED BY THE CITY COUNCIL signed and approved this 6th day of
September 1961.
411
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