578 Repeal 565 & 570 Combine LoanCITY OF YELM
ORDINANCE NO. 578
AN ORDINANCE REPEALING AND REPLACING ORDINANCE NO. 565
(11/95) AND 570 (12/95) BY COMBINING THE TRANSACTIONS
INTO ONE LOAN, SCHEDULING A REPAYMENT DATE, SETTING AN
INTEREST RATE AND ESTABLISHING AN EFFECTIVE DATE.
WHEREAS, the Yelm City Council authorized Interfund loans
from UDAG (198) to Water Reuse (420) to allow work to continue on
the Water Reuse project until other funding sources become
available; and
WHEREAS, funding sources are not expected to be available
before September of 1996; and
WHEREAS, the Reuse Project is a critical element in meeting
Agreements entered into by the City;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY CF YELM, STATE OF
WASHINGTON, DOES ORDAIN AS FOLLOWS:
Section 1. The Interfund Loan made under Ordinance No. 565
along with interest to date totalling $89,812.32 and the Interfund
LCan authOri Zed under Ordinance NO. 5 70 calCng W1Lti'1 lntere~t t0 date
totalling $149,328.08 shall be combined into or_e loan totalling
$239,140.40.
Section 2. Interest shall accrue at the rate of 5.23%, a rate
COnS1Ste'_1t W1tr? Current rates bey _^_g pai d On Certi flCateS Of
deposit.
Secti or_ 3 . Repayment of thi s loar_ and interest i s scheduled to
begin in September of 1996
Section 4 This Ordinance shall take effect five days follcwing
publication.
ADOPTED this 24th day of April, 1996.
~. -~%
Kathryn M. Wolf, Mayor
Atte h
Agne P. Bennick, City Clerk
City of Yelm
Ordinance No. 578 age 1
ab\wo51\reuselon.578