HomeMy WebLinkAboutOrd 0721 - Terms for Repayment of Strander Boulevard Bridge Construction Loan am..4)Jyt Na °C 7 J ,0MLq
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CITY OF TUK
WASHINGTON
ORDINANCE NO. 721 7A
AN ORDINANCE FIXING TERMS FOR REPAYMENT OF
THE STRANDER BOULEVARD BRIDGE CONSTRUCTION
LOAN FROM THE STATE OF WASHINGTON DEPART-
MENT OF COMMERCE.
WHEREAS The City of Tukwila has accepted a loan from
the State of Washington Department of Commerce in the amount of
$170,000.00, to aid in construction of the Strander Boulevard
Bridge, said loan bearing interest at the rate of 4% per annum,
NOW, THEREFORE, The City Council of the City of
Tukwila, Washington, do ordain as follows:
Repayment of said loan shall be scheduled as follows:
The first payment shall be due one year from the date of said loan
and payments shall be made annually thereafter as follows:
1st year, 1973, interest only 6,800.00
2nd year, 1974, interest only 6,800.00
3rd year, 1975, interest only 6,800.00
4th year, 1976, $20,000.00 and interest 6,800.00
5th year, 1977, $25,000.00 and interest 6,000.00
6th year, 1978, $25,000.00 and interest 5,000.00
7th year, 1979, $25,000.00 and interest 4,000.00
8th year, 1980, $25,000.00 and interest 3,000.00
9th year 1981, $25,000.00 and interest 2,000.00
10th year, 1982, $25,000.00 and interest 1,000.00
Total interest 48,200.00
The City of Tukwila reserves the right to accelerate
payments on principal.
Passed by the City Council of Tukwila, Washington, this
7th day of August, 1972.
(2)
Mayor
Attest:
Appro ed as to Form: 41' ,/.64; 7 //7,w
Ci y Cle
6‘,1*--/r.
City/ Attorney
Published: 4/(4e ,/h r «f t