Ordinance 2648 - Laserfiche WebLink

. ORDINANCE NO. 2648. . An Ordinance providing for emergency expenditures for the purpose of re- tiring special revenue water bonds, principal and interest, of the water de- partment of the city of Everett in accordance with the provisions of Ordinance No . 1663, the issuance of emergency warrants therefor payable out of water revenue funds and declaring an emergency. WHEREAS, a public emergency has arisen necessitating the issuance of em- ergency warrants for the purpose of retiring special water revenue bonds, principal and interest, in the sum of $91 ,000, maturing in 1936, optional in 1935 under the provisions of Ordinance No. 1663, which emergency could not have reasonably been foreseen at the time of making the budget for the year 1935, to-wit , in October , 1934, as specifically provided in Section 6, Chap- ter 158, Laws of 1923, and which requires the expenditure of money not desig- nated for in said budget; And WHEREAS , the City Council of Everett believes it is for the best inter- ests of the said City that funds now on hand be applied to the retirement of the aforesaid special water revenue bonds, resulting in the saving of interest to accrue thereon, consistent with good business practices and within the scope of the Ordinance No. 1663 making it optional that said bonds be retired after 1931. Now, Therefore THE CITY OF EVERETT DOES ORDAIN: Section 1 . That a public emergency exists to meet expenditures for the retirement of special water revenue bonds No . 1 out of funds now on hand in the water department of Everett under the provisions of Ordinance No. 1663, which emergency could not have reasonably been foreseen at the time of the mak- ing of the last budget for the year 1935, to-wit; in October, 1934, as speci- fically prescribed in Section 6, Chapter 158, Laws of 1923; that said emergen- cy has been caused by the accumulation of funds in the water department not otherwise needed which may be used for the payment of and the retirement of said special water revenue bonds, thereby saving the interest that otherwise the City must pay; that the amount of money available and which may be used to meet such emergency is in the estimated sum of Ninety-one Thousand ($91,000) Dollars. Section 2. That said emergency expenditures shall be made by the issuance of emergency warrants by the proper officers of the City of Everett as provided by law and said emergency warrants shall be paid from moneys on hand in the water department of said city not otherwise appropriated. Section 3. It appearing that an Ordinance of this nature should be made and that it is necessary for the public fiscal management of the funds of the -1-