HomeMy WebLinkAbout1995-049 Appropriating funds ORDINANCE NO. 95 - 'i9
0 AN ORDINANCE amending the 1995 budget for the City of Yakima; and,
based on the proceeds of a loan from the Washington State
Community Economic Revitalization Board, making a
corresponding appropriation of $463,189 from the
Economic Development Fund for expenditure during 1995
for improvements to public infrastructure in the vicinity
of the new Central Heating & Plumbing, Inc. facility.
WHEREAS, the Washington State Community Economic Revitalization Board (CERB) has
offered and the City has accepted a loan of $463,189 at an interest rate of 5.5% per annum to
be paid over a period 20 years to aid in financing the cost of public infrastructure required
by the new Central Heating & Plumbing, Inc. facility; and
WHEREAS, the loan proceeds will be revenue to the City in the amount of $463,189
which could not reasonably have been foreseen at the time of the adoption of the
1995 budget; and _
WHEREAS, the loan proceeds should be accounted as revenue to the existing
Economic Development Fund, and
WHEREAS, actual construction of the improvements to public infrastructure in the
vicinity of the new Central Heating & Plumbing, Inc. shall be performed by a private
contractor determined by competitive bidding as required by law; and
40 WHEREAS, the amount of $463,189, or some lesser amount as determined by
competitive bidding, must be appropriated from the Economic Development Fund for
expenditure during 1995 to pay for improvements to public infrastructure in the
vicinity of the new Central Heating & Plumbing, Inc. facility in Yakima, and
WHEREAS, at the time of the adoption of the 1995 budget it could not reasonably have
been foreseen that the appropriation made by this ordinance would be required; and
the City Council finds that an emergency exists of the type contemplated by RCW
35.33.091, and that it is in the best interests of the City to make the appropriation the
appropriation herein provided, now, therefore
BE IT ORDAINED BY THE THE CITY OF YAKIMA:
Section 1. The CERB loan proceeds in the amount of $463,189 are hereby designated as
income to the Economic Development Fund.
Section 2, The amount of $463,189 is hereby appropriated from the Unappropriated
Fund Balance in the Economic Development Fund to account number 123-4- 123 -320-
1751 -59450 -650 as a 1995 appropriation.
Section 3. 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
• lap /&econ development centrals inc/cerb appropriation ordordinance 8/17/95 2:29 PM
ORDINANCE APPROPRIATING PROCEEDS
OF CERB LOAN — Page 1
PASSED BY THE CITY C� -- UNCTL, at a regular meeting and signed and
approved this / 9 day of 1995.
Mayor
ATTEST:
City Clerk
First Reading: 9-6 q5
Publication Date: q- a - RS
Effective Date: iD - A o1 - q S
r
lap /dcecon development:central's inc/cerb appropriation ordordinance 8/17/95 2:29 PM
ORDINANCE APPROPRIATING PROCEEDS
OF CERB LOAN - Page 2