HomeMy WebLinkAbout2704 Resolution RESOLUTION NO. a 7&�/
A RESOLUTION AUTHORIZING A SHORT-TERM LOAN TO THE PASCO PUBLIC
FACILITIES DISTRICT.
WHEREAS, the Pasco City Council created the Public Facilities District under
Ordinance No. 3558 to undertake efforts to develop and/or manage major public facilities; and
WHEREAS, the Pasco Public Facilities District is expected to establish a source of
revenue to finance its on-going and basic operation expenses within the first year of its existence;
and
WHEREAS, in the meantime, the Pasco Public Facilities District requires interim
financing for the expenses necessary to establish the organization; and
WHEREAS, it is in the best interest of the citizens of Pasco that the Public Facilities
District succeed in its efforts to become an established and effective Public Facilities District;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO,
WASHINGTON, DO RESOLVE AS FOLLOWS:
Section 1. The Pasco City Council hereby authorizes a loan of up to $20,000 for
operating expenses of the Pasco Public Facilities District. Any amount loaned shall carry an
annual interest rate of at least 2.5% and shall be repaid within 36 months.
Section 2. The City Manager is hereby authorized to execute a loan agreement with
the Pasco Public Facilities District on behalf of the city consistent with the terms specified
hereinabove.
PASSED by the City Council of the City of Pasco at its regular meeting this 4'h day of
November 2002.
CITY OF PASCO:
Michael L. Garrison, Mayor
ATTEST:
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Webster U. Jackson Leland B. Kerr
City Clerk City Attorney