HomeMy WebLinkAbout3990 AN(~)I~ providing for the issuance of
interst bearing warrants to cover the Cash
Shortage in the Wastewater Fund and establish-
ing the terms thereon and declaring an ]~mer-
gency.
WHEREAS, the City of Bremerton's Wastewater Department is experienc-
ing a temporary cash flow deficit and,
WHEREAS, it is in the City's best interest to issue interest bearing
warrants, now therefore:
The City Council of the City of Bremerton, Washington, does hereby
ordain:
SECTICN 1. The City Treasurer is authorized to issue Interest Bear-
ing warrants to People's National Bank, under the terms of the current
bankingContract dated October 1, 1983, in the ~ount, up to but not to
exceed, $300,000.00.
Said warrants shall be redeemed on or before October 28, 1986, from
operating revenues from the Wastewater system or from whatever funds that
become available for such purpose.
SECTI~ 2. This Ordinance shall become effective inmediately upon
passage.
SECTIC~ 3. This ordinance is declared to be an emergency as passage
is needed to protect the public health, safety, and welfare.
PASSED unanimouslyby the City Council, City of Bremerton, signed
by the Mayor and attested by the City Clerk in authentication of such passage
this ~ day of O~--~-~~ ~ , 1985.
M~I{RI~ G. DAWKINS,
City of Bremerton
AT~EST:
Director of Administrative Services