HomeMy WebLinkAbout1974-1712 TEMPORARY LOAN OF $5,871 FROM 461-AIRPORT FUND TO 284-MUNICIPAL AIRPORT 1974 GO BOND REDEMPTION FUND ORDINANCE NO. /7/22
AN ORDINANCE authorizing a temporary loan of $5,871 from 461-
Airport Fund to 284-Municipal Airport 1974 GO
Bond Redemption Fund, and providing for repayment;
and appropriating the amount of $9,257.50 from un-
appropriated money in 284-Municipal Airport 1974
GO Bond Redemption Fund to Account No. 519.62.72.,
Interest, as a 1974 appropriation for 284-Municipal
Airport 1974 GO Bond Redemption Fund.
WHEREAS, 461-Airport Fund contains money available for invest-
ment by making the loan provided by this ordinance, and
WHEREAS, the amount of $5,871 is required to be loaned from
461-Airport Fund to 284-Municipal Airport 1974 GO Bond Redemption
Fund for appropriation therein to provide cash for the redemption
of General Obligation Bonds prior to the receipt of tax revenue, and
WHEREAS, at the time of the adoption of the 1974 Budget it
could not reasonably have been foreseen that the additional appro-
priation provided by this ordinance would be required; and the
City Council finds •that an emergency 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 loan and appropriation herein provided, now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. The amount of $5,871 is hereby transferred and
loaned from 461-Airport Fund to 284-Municipal Airport 1974 G 0
Bond Redemption Fund, said loan to be repaid to 461-Airport Fund
from 284-Municipal Airport 1974 GO Bond Redemption Fund on or before
December 31, 1975, together with interest at the rate of 6% per
annum.
Section 2. As the loan authorized by Section 1 of this ordinance
becomes effective, the amount of $9,257.50 is hereby appropriated
010 from unappropriated money in 284-Municipal Airport 1974 GO Bond
Redemption Fund to Account 519.62.72, Interest, as a 1974 appropriation
for 284-Municipal Airport 1974 GO Bond Redemption Fund.
Section 3. The Director of Finance and the City Treasurer
of the City of Yakima are hereby authorized to make the necessary
transfer to carry out this ordinance.
Section 4. 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
day of (0 , 1974.
Mayor
ATTEST:
City erk
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