HomeMy WebLinkAbout1971-1332 I /
ORDINANCE NO. /33A
AN ORDINANCE authorizing a temporary loan of $50,000 from 463- Water-
Sewer Fund to 461- Refuse Fund, and providing for repay -
ment; extending the time for repayment of current loans
from various funds to 461- Refuse Fund; and declaring an
emergency.
i WHEREAS, 463 - Water -Sewer Fund contains cash available for invest-
ment by loan as provided by this ordinance, and a loan must be made
to 461- Refuse Fund to supply that fund with operating cash for the
balance of the current year and for the month of January, 1972, until
1972 revenues are received, and
WHEREAS, the repayment dates for certain current loans from
various funds to 461- Refuse Fund must be extended because of the cur-
rent lack of cash in that fund to repay those loans on dates
originally provided, and
WHEREAS, the City Council finds that the best interests of the
City will be served by making the loan authorized by this ordinance
and by extending repayment dates of those certain other aforesaid
loans, now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. A loan in the amount of $50,000 from 463 -Water -Sewer
Fund to 461 - Refuse Fund is hereby authorized, with the amount of such
loan together with interest at the rate of 5% per annum to be repaid
to 463 -Water -Sewer Fund from 461- Refuse Fund in installments as fol-
lows:
The first installment in the principal amount of $9,546 shall be
repaid on or before August 12, 1973, and
The second installment in the principal amount of $40,454 shall
be repaid on or before August 12, 1974.
411 Section 2. The repayment dates for the loan of $46,364 to 461 -
Refuse Fund, authorized by Ordinance No. 1243, are hereby extended as
follows:
The installtnent. payment in the principal amount of $10,682,
originally to be repaid on or before August 12, 1971, is hereby
extended so that the first installment in the principal amount of
$15,455 shall be repaid on or before August 12, 1972, and
the installment payment in the principal amount of $35,682,
originally to be repaid on or before August 12, 1972, is hereby
extended so that the second installment in the principal amount
of $30,909 shall be repaid on or before August 12, 1973.
Section 3. The repayment dates for loans of $13,000, originally
authorized by Resolution No. D -1500, and $12,000, originally authorized
111
by Resolution No. D -1423, to 461- Refuse Fund, as those repayment
dates were heretofore extended to August 12, 1971, by Ordinance No.
1243, are hereby further extended so that the total amount of such
loans shall be repaid on or before August 12, 1972.
Section 4. The Director of Finance and the City Treasurer of the
City of Yakima are hereby authorized and directed to make the neces-
sary transfers to effect the loan authorized by this ordinance.
Section 5. 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
411
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 23rd day of
August, 1971.
tLL g_
Mayor
ATTEST`:
City Clerk
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