HomeMy WebLinkAbout1975-1882 TEMPORARY LOAN OF $41,000 FROM 473-WATER-SEWER FUND TO 322-CAPITOL THEATRE FUND; PROVIDING FOR REPAYMENT. e
ORDINANCE NO. /f/Z/
AN ORDINANCE authorizing a temporary loan of $41,000 from 473-Water-
Sewer Fund to 322-Capitol Theatre Fund and providing
for repayment; appropriating the amount of $41,000
from unappropriated money in 322-Capitol Theatre Fund
110 to Account 322.574.50.62 as a 1975 appropriation for
322-Capitol Theatre Fund.
WHEREAS, 473-Water Sewer-Fund of the City of Yakima currently
contains uninvested cash available for investment by the loan
authorized by this ordinance, and
WHEREAS, a temporary loan of $41,000 to 322 Capitol Theatre
Fund is necessary in order to pay 1975 expenditures which include
payment for demolition and architectural services for the Capitol
Theatre, and
WHEREAS, the City Council finds it to be in the best interests
of the City to make the loan authorized by this ordinance, and
WHEREAS, as such loan is made, the amount of $41,000 must be
appropriated from unappropriated money in 322-Capitol Theatre Fund
to an appropriate account for expenditure for the purposes mentioned
above, and
WHEREAS, at the time of the adoption of the 1975 Budget it could
not reasonably have been foreseen that the transfer and appropriation
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 appropriation herein provided, now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. The amount of $41,000 is hereby transferred and
Al loaned from 473-Water-Sewer Fund to 322-Capitol Theatre Fund, said
loan to be repaid to 473-Water-Sewer Fund from 322 Capitol Theatre
Fund, together with interest at the rate of 6% per annum, on or before
March 31, 1976.
Section 2. As the transfer authorized by Section 1 above becomes
effective, the amount of $41,000 is hereby appropriated from un-
appropriated money in 322-Capitol Theatre Fund to Account 322.574.50.62
as a 1975 appropriation for 322-Capitol Theatre Fund.
Section 3. The Finance Officer and City Treasurer of the City
of Yakima are hereby authorized and directed 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 publica-
tion as provided by law and by the City Charter.
PASS BY THE CITY COUNCIL, signed and approved this
day of,,,z _ 1975.
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ACTING Mayor
ATTEST:
City i lerk
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