HomeMy Public PortalAbout1114- 1936 - Repayment of a loan of $45,000.00 /I/4 -
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ORDINANCE NO. 1936.
AID? ORDINANCE PERTAINING TO .THE REPAYr: NT OF .A LOAN OF FORTY FIVE'
THOUSAND DOLLARS.'($45,000.00) , BORROWED BY.THE 'CIVIL CITY OF
RICH +rOND, INDIANA, FROM THE DEPRECIATION RESERVE FUND OF THE
MUNICIPAL;.ELECTRIC LIGHTING AND PO1`'dH1- PLANT OF THE CITY OF
RICILVOND,. INDIANA, .IN;,1'f-lE YEAR 1934, AND. AI RENDING SECTION 2
OF ORDINANCE. NO. '1048'. - 1934. •
BE IT ORDAINED BY THE COLfMON COUNCIL OF THE CITY OF, RICH OND,'
INDIANA, that Section 2 of Ordinance No. 1048 1934, be
ammended to read as follows:
Section .2., :It, is hereby': declared ,that the .transfer of said sum
of Forty Five Thousand Dollars ( 45,000.00) , as
authorized- Section 1 of Ordinance No. 1048 - 1934
be considered a loan or advancement from the said.
Depreciation Reserve, Fund of the Municipal Electric
Lighting and Power-Plant of the, City of Richmond,
Indiana, to ,the General Fund. of Said City, for the
period of five years and the proper officers of said
: City are hereby directed and required to cause
-repayment of said sum so advanced to be made to the
said Depreciation Reserve, Fund within five years
from the date of Tanuary,. 1937 , without interest, and
to, provide • in the annual budgets of the said City
for the year 1937, and subsecuent." thereto, and in the
„ r annual tax levies thereof, forthe r:epayment:;�thereof,
so,, that the same shall be repaid in equal annual
installments.
Section 2. This ordinance .shall `be in full force and effect
from and after its passage and the approval of the
Tayor..
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Passed. by the Common 'Council, of the City of Richmond,
Indiana, this /7Z`i:,day. of February, 1936.
Approved and signed by me this /7 day of .February,'
1936./y.1.717 _ _
Attest ;
City Clerk.•
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