HomeMy WebLinkAboutOrd 0724 - Terms for Repayment of Strander Boulevard Bridge Construction Loan MirelY of T U KWI.LA i'C 101/r I LA J
WASHINGTON
ORDINANCE NO. 724 771 3
AN ORDINANCE AMENDING ORDINANCE NO. 721, FIXING
THE TERMS FOR REPAYMENT OF THE STRANDER BOULEVARD
BRIDGE CONSTRUCTION LOAN FROM THE WASHINGTON STATE
ECONOMIC ASSISTANCE AUTHORITY.
THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO
ORDAIN AS FOLLOWS:
That Ordinance No. 721 be •Amended to reach as follows:
WHEREAS The City of Tukwila has accepted a loan from the
Washington State Economic Assistance Authority in the amount of
$170,000 to aid in construction of tli.e 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 first
disbursement and payments bhall 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 Principal $170,000.00 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 5th day
of September, 1972.
3- 7 39 id
Mayor'
Attest:
Citylerk
Approved as to Form: e
0 i Gty Attor' ney''
Until i ch art_ Hierh1 i ne Ti mes 9�3