HomeMy WebLinkAbout1967-927 ORDINANCE NO. . Y 2
AN ORDINANCE authorizing the temporary loan of $70,000 from the
Cumulative Reserve Fund for Domestic Water Supply to
Fund 912 - Airport Improvement Fund, and providing for
the repayment thereof; and appropriating $70,000 from
unappropriated monies in Fund 912 - Airport Improvement
Fund to Account 7 -950, Construction Expenditures.
WHEREAS, the Cumulative Reserve Fund for Domestic Water Supply
will contain cash in the amount of $70,000 which will be available for
investment, and
WHEREAJ, a temporary loan of $70,000 to Fund 912 - Airport Im-
provement Fund is necessary in order to pay costs of constructing an
office building and of making modifications to the Administration
Building, both at the Yakima Municipal Airport, and
WHEREAS, the City Council finds that it is in the best interests
of the City to make a temporary loan of $70,000 from the Cumulative
Reserve Fund for Domestic Water Supply to Fund 912 - Airport Improve-
ment Fund, to be repaid within one year from the effective date of
this ordinance, with interest at the rate of 4, per annum, and
WHEREAS, as such money is loaned, it is necessary that it be
appropriated to Account 7 -950, Construction Expenditures, so that it
may properly be spent in accordance with Section 3.70.030 of the City
of Yakima Municipal Code, and
WHEREAS, at the time of the adoption of the 1967 Budget, it could
not have reasonably been forseen that such additional funds would be
required, and the City Council finds that an emergency exists of the
type contemplated by R.C.W. 35.33.090, and that it is in the best
interests of the people of the City of Yakima to make the appropriation
provided, now, therefore,
. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
Section I. That $70,000 be transferred and loaned from the Cumu-
lative Reserve Fund for Domestic Water Supply to Fund 912- Airport
Improvement Fund, said loan to be repaid to the Cumulative Reserve
Fund for Domestic Water Supply from Fund 9I2- Airport Improvement Fund,
together with interest thereon at the rate of 4% per annum, within one
year from the effective date of this ordinance.
Section 2. That the amount of $70,000 be appropriated from un-
appropriated money in Fund 912-Airpor't Improvement Fund to Account
7-950, Construction Expenditures therein, as such money is loaned and
transferred thereto as authorized above.
III Section 3. That the Director of Finance of the City of Yakima is
hereby authorized to make the necessary transfers, as money therefor
becomes available, in order to carry out the provisions of this ordi-
nance.
Section 4. That this ordinance is one making an appropriation
and shall take effect immediately upon its passage, approval and
publication as provided by law and by the City Charter.
PASSED BY THE CITY COUNCIL, signed and apprOved this 19th day of
June, 1967.
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III Mayor
ATTEST:
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City Clerk
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