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1 ORDINANCE NO. Z-9'/'1:g <br /> 2 <br /> AN ORDINANCE providing for a loan of not to exceed S60,000 <br /> 3 from the Local Improvement District Guarantee Fund to the Sanita- <br /> tion Utility Fund and declaring an emergency to exist . <br /> 4 <br /> WHEREAS, the CITY OF EVERETT has created a Sanitation <br /> 5 Utility Fund end provided for the operation of a garbage disposal <br /> site, and, <br /> 6 <br /> WHEREAS, it is anticipated that the revenues of said <br /> 7 fund will be insufficient to pay the operation of said utility, <br /> and, <br /> 8 <br /> WHEREAS, it is necessary that funds be borrowed by the <br /> 9 Sanitation Utility Fund from the Local Improvement District <br /> Guarantee Fund, based upon anticipated revenues of the Utility, <br /> 10 <br /> 11 NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> 12 <br /> Section 1: That the Sanitation Utility Department <br /> 13 is hereby authorized to borrow the sum of not to exceed $60, 000 <br /> from the Local Improvement District Guarantee Fund, to be repaid <br /> 14 to the Local Improvement District Guarantee Fund out of revenues <br /> derived from the operation of the Sanitation Utility, together <br /> 15 with interest at the rate of / % on monthly balances, provided <br /> that said sum shall be repaid in full on or before December 31, 19 7. <br /> 16 <br /> 17 Section 2: That an emergency is hereby declared <br /> and this ordinance shall take effect immediately upon its passing <br /> 18 and publication. <br /> 19 <br /> 20 <br /> A IP. ALEXANDEI MA OIt <br /> 21 Attest : <br /> 22 <br /> 23 <br /> 24 CITY CLERK <br /> 25 Passed: / d s` G G <br /> 26 Published / 4.27 - e <br /> 27 <br /> 28 <br /> 29 <br /> 30 <br /> 31 <br /> 32 <br />