HomeMy WebLinkAbout1972-1422 9
ORDINANCE NO. y22
AN ORDINANCE authorizing a loan in the amount of $130,186 from Parks
and Recreation Capital Fund and Fire Capital Fund to
292 -1972 Various Purpose General Obligation Bond Redemp-
tion Fund, and providing for repayment; and appropriat-
ing the amount of $71,509 from unappropriated money in
292-1972 Various Purpose General Obligation. Bond
Redemption Fund to Account 519.60.72, interest, within
such fund.
WHEREAS, the Parks and Recreation Capital Fund and the Fire
Capital Fund contain money available for investment by the making of
loans as provided by this ordinance, and
WHEREAS, money must be loaned to and appropriated within 292-
1972 Various Purpose General Obligation Bond Redemption Fund in order
to provide funds for payment of interest to become due on Various
Purpose General Obligation Bonds, 1972, previously issued by the City,
and
WHEREAS, at the time of the adoption of the 1972 Budget, it
• could not reasonably have been foreseen that such additional appro-
priation would be required; and the City Council finds that an emer-
gency exists of the type contemplated by R.C.W. 35.33.091 and that
it is in the best interests of the City to make the appropriation
herein provided, now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. The total amount of $130,186 is hereby authorized
to be loaned from the Parks and Recreation Capital Fund and the Fire
Capital Fund to 292 -1972 Various Purpose General Obligation Bond
Redemption Fund by the making of various loans at various times, and
in various amounts, as follows:
• (a)- The amount of $37,162 is authorized to be so loaned
from the Parks and Recreation Capital Fund to be effective on or
before September 1, 1972;
(b) The amount of $21,515 is authorized to be so loaned
from the Fire Capital Fund to be effective on or before Septem-
ber 1, 1972;
(c) The amount of $45,289 is authorized to be so loaned
from the Parks and Recreation Capital Fund to be effective on or
before March 1, 1973; and
(d) The amount of $26,220 is authorized to be so loaned
• from the Fire Capital Fund to be effective on or before March 1,
1973.
Section 2. The loans authorized by Section 1 above shall be re-
paid, together with interest at the rate of 5% per annum, from 292-
1972 Various Purpose General Obligation Bond Redemption Fund to the
funds making such loans, as follows:
(a) The principal amount of $65,093 shall be repaid,
in proportion to the amount of the loans from the respective
funds, on or before December 31, 1973; and
(b) The principal amount of $65,093 shall be repaid,
in proportion to the amount of the loans from the respective
• funds, on or before December 31, 1974.
Section 3. The amount of $71,509 is hereby appropriated from
unappropriated money in 292 -1972 Various Purpose General Obligation
Bond Redemption Fund to Account 519.60.72, Interest, therein.
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 carry out the loans authorized by this ordinance.
Section 5. This ordinance is one making an appropriation and
shall take effect immediately upon its passage, approval and publica-
tion as provided by law and by the City Charter.
III ,PASSED BY THE CITY COUNCIL, signed and approved this /7k day
• off,, - _ �i , 1972.
Mayor
ATTEST:
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■ City C erk
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