589 Loan Fund 198 to 420CITY OF YELM
ORDINANCE NO. 589
An emergency ordinance approving a $115, 000 loan from the
UDAG Fund (198) to the Water Reuse Fund (420) to balance
Fund 420 while awaiting receipt of funding for the Water
Reuse Project.
WHEREAS, a time lag exists between meeting expenditures and
the estimated time that funding will become available for the
City's Waste Water Reuse Project;
NOW, THEREFORE, the City Council of the City of Yelm, State of
Washington, does ordain as follows:
SECTION 1.
There is hereby authorized a loan in the amount of
$115,000 from the UDAG Fund (198) to the Water Reuse Fund
(420). Interest on the loan will be at 5.23% and begins
accruing in the month the funds are transferred.
SECTION 2.
Payments will begin in July of 1997 and continue for a
three year period from that time.
SECTION 3.
This ordinance shall become effective immediately
following passage and approval by the Yelm City Council.
ADOPTED this 26th day of November , 1996 .
Ka hryn M. Wolf, May 6r
Attest:
Agj,fes P. Bennick, City Clerk
PASSED and APPROVED: November 26, 1996
PUBLISHED: Nisqually Valley News, December 5, 1996