City of Spokane

Spokane Municipal Code

***Note: Many local criminal codes can now be located under Chapter 10.60 SMC while others are now cited under the Revised Code of Washington (RCW), which was incorporated into the municipal code in 2022. (See SMC 10.58.010). Code Enforcement, including Noise Control and Animal Regulations are located in Chapters 10.62 through 10.74.

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Title 07
Chapter 07.10
Section 07.10.030
 

Title 07 Finance

Chapter 07.10 Payment of Warrants – Line of Credit

Section 07.10.030 Interest

  1. The line of credit bears interest computed at the rate of seventy-five percent of the depositary’s publicly announced prime rate (the “prime rate”) in effect on the date credit is advanced, due and payable quarterly commencing on December 1, 1983, and on each succeeding March 1st, June 1st and September 1st.
     
  2. Interest accrued during each quarter is payable within ten business days after the City is notified in writing by the depositary of the amount due.
     
  3. The rate of interest payable on the line of credit shall change when the prime rate changes to the rate of seventy-five percent of the prime rate then in effect.

Date Passed: Monday, May 7, 2007

Effective Date: Wednesday, June 20, 2007

Recodification ORD C34024 Section 1