694_00001ORDINANCE NO.694
i .AN ORDINANCE FIXING TERMS FOR REPAYMENT OF THE MUNICIPAL AIRPORT
WATER DEVELOPMENT PROÎECT.
-WHEREAS,the City of Moses Lake has accepted a loan from the Washington Economic Assistance
Authority in the amount of $25,000 to aid in Municipal Airport Water Development,said loan bearing
interest at the rate of 5%per annum.
NOW,THEREFORE,the City Council of the City of Moses Lake,Washington,do ordain as follows:
SECTION 1 -Said loan in the amount of $25,000 received from the Washington Economic Assistance
Authority shall he repaid in the menner as follows:
The sum of $2,500 or more,plus 5%interest per annum on the decreasing balance shall
he made one year from the date the first disbursement is received by the City of Moses .
Lake from the Washington Economic Assistance Authority,and like sums shall be paid
annually on each anniversary date thereafter until the sum of $25,000 together with
interest is fully repaid.
SECTION 2 -The funds to repay this obligation shall be paid from the Water/Sewer Fund of the
City of Moses Lake,Washington.
SECTION 3.-The City of Moses Lake,Washington,shall establish separate cost accounting
for the loan received from the Washington Economic Assistance Authority,as provided by law.
PASSED by the City Council of Moses Lake,Washington,this 23rd day of April ,
1974.
ayor,Gordon M.Ebbert
ATTEST:
City Clerk,R.R.Gagnier
APPROVED AS TO FORM:
City¾orney,John E.Calbom
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