HomeMy WebLinkAbout3381 Resolution RESOLUTION NO. 3 3 g I
A RESOLUTION AUTHORIZING AN INTERFUND LOAN FROM
THE GENERAL FUND TO THE ECONOMIC DEVELOPMENT FUND
WHEREAS, the City Council of the City of Pasco has, pursuant to RCW 35.33.121,
found that it is in the best interest of the City to lend funds from the General Fund to the
Economic Development fund and to provide for the repayment thereof; NOW,THEREFORE,
BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PASCO,
Section 1: Authorization for loans. The Financial Services Manager is hereby
authorized and directed to make the following loan as specified:
• From the General fund to the Economic Development fund to provide
financing in the amount of $ $700,000 for the purchase of the Farm
Facility.
Section 2: Terms and Memorialization. The effective date of the loan shall be as
specified below and this resolution shall constitute memorialization of the loan and its terms.
• Disbursement is authorized April 1, 2012; the interest rate set at 2.5%
with a due date of April 1, 2016; payments are due annually.
PASSED by the City Council of the City of Pasco, Washington, this 19th day of March
2012. E I
Matt Watkins, Mayor
AT ST: ��� APPR t , S TO FORM:
0._a
Debra Clark, ity Clerk Leland B. Kerr, City Attorney