HomeMy WebLinkAbout2527 Resolution RESOLUTION NO. 2527
A RESOLUTION AUTHORIZING AN INTERFUND
TRANSFER FROM THE LID GUARANTY FUND TO THE GENERAL
FUND, AN INTERFUND TRANSFER FROM THE GENERAL FUND
TO THE LID CONSTRUCTION FUND, AN INTERFUND LOAN
FROM THE GENERAL FUND TO THE LID 125 FUND, AND A
TRANSFER FROM THE LID 125 FUND TO THE LID
CONSTRUCTION FUND
WHEREAS, the City Council of the City of Pasco, pursuant to RCW 35.33.121,
found that it is in the best interest of the City to transfer funds from the LID Guaranty
Fund to the General Fund to provide for repayment to the LID Construction Fund for the
cost associated with construction of LID 125, NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, HEREBY
RESOLVES AS FOLLOWS:
1. Authorization for transfers and loan. The Finance Manager of the City
of Pasco is hereby authorized and directed as follows:
A. Transfer $105,580.15 from the LID Guaranty Fund to the General Fund.
B. Transfer $24,620.15 from the General Fund to the LID Construction Fund.
C. Loan $80,960 from the General Fund to the LID 125 Fund at 6%interest.
D. Transfer $80,960 from the LID 125 Fund to the LID Construction Fund.
2. This transfer will take place immediately. The loan will carry an interest
rate of 6% and be repaid as soon as possible based on LID 125 assessment collections. The
loan should be repaid by December 31, 2007.
PASSED by the City Council of the City of Pasco,Washington, this 15'", day of May,
2000. SIGNED in authentication of its passage this 15"' day of May, 2000.
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Michael L. Garrison, Mayor
ATTEST: APPROVED AS TO FORM:
Catherine D. Seaman, Deputy City Clerk Leland err, City Attor y