Section 3.04.010 Fixing rate of interest to be paid.
A. The city council has duly and regularly
passed the ordinance codified in this chapter
providing for the payment of interest on unpaid city warrants.
B. Arrangements have been made to
register such warrants with Ravelli County Bank, of
Hamilton, Montana, to provide for payment of interest as follows:
The rate of interest to be paid on registered warrants will
vary along with the prime rate. The
amount of interest earned will be at two percent below the New York Prime rate as published in
the Wall Street Journal at the time the warrant is registered. Such interest rates will only apply to
a total indebtedness of less than one hundred thousand dollars ($100,000.00).
C. This chapter, providing for interest
rates, is adopted in accordance with the provisions of
Section 7-6-4501 MCA. (Ord. 131 (part), 1998: prior code § 2.19.020)
