Title 07 Finance
Chapter 07.10 Payment of Warrants – Line of Credit
Section 07.10.030 Interest
- 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.
- 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.
- 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
