632 UDAG Loan Extension CITY OF YELM
ORDINANCE NO. 632
AN ORDINANCE AMENDING ORDINANCE NO. 628 (6/98) by
extending the due date for repayment of a loan from UDAG (198) to the
Sewer Operations Fund (412).
WHEREAS, The Sewer Fund would have ended the year with a deficit balance
due to costs attributable to the Sewer Reuse Project; and
WHEREAS, City Council approved an interfund loan in December 1997, to the
Sewer Fund to balance that fund while waiting for additional revenue expected from
EPA; and
WHEREAS, it is expected that the funds from the EPA will not arrive by the end
of the year;
NOW, THEREFORE, the City Council of the City of Yelm, Washington, does
ordain as follows:
SECTION 1. The repayment of the original loan amount of $73,000 from the UDAG
Fund (198) to the Sewer Operations Fund (412) is extended an additional 128 days thru
February 28, 1999.
SECTION 2. The annual interest rate shall remain at 3% with interest accruing at $6.00
per day beginning on the original loan date of December 23, 1997.
SECTION 3. Payment of both principal and interest shall be made in a lump sum at the
time reimbursement is received from the granting agency.
SECTION 4. This ordnance shall become effective five days following publication as
prescribed by law.
ADOPTED this 14th day of October 1998.
CEO/
Kat yn M. olf, Mayor
Attest:
~ ~~~~~2~ZGe-`~
Agn P. Bennick, City Clerk
PASSED and APPROVED: October 14th, 1998
EFFECTIVE: October 27, 1998
PUBLISHED: Nisqually Valley News, October 22, 1998