HomeMy WebLinkAbout2848 Resolution RESOLUTION NO.
A RESOLUTION FIXING THE INTEREST RATE ON THE
OUTSTANDING ASSESSMENTS AND AUTHORIZING AN
INTERFUND LOAN FROM THE WATER/SEWER UTILITY FUND TO
LOCAL IMPROVEMENT DISTRICT NO 138 FUND TO FINANCE THE
LOCAL IMPROVEMENTS
WHEREAS, Ordinance No. 3671, confirming the assessment roll of Utility Local
Improvement District No. 138, stated the estimated the interest rate at 5.5%, and
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 Water/Sewer Utility Fund to
the Utility Local Improvement District No 138 Fund to finance those improvements, and to
provide for the repayment thereof, NOW, THEREFORE,
THE CITY COUNCIL OF PASCO,WASHINGTON HEREBY RESOLVES AS
FOLLOWS:
1. Fixing the interest on the ULID assessments. The interest rate for the assessment
shall be fixed at 5.5%.
2. Authorization for loan. The Finance Manager of the City of Pasco is hereby
authorized and directed to loan$57,661.58 from the Water/Sewer Utility Fund to the
Utility Local Improvement No 138 Fund and make such transfers as necessary to
complete the financing process.
3. Terms and Memo rializ ation. The effective dates of the loans shall be July 31, 2004
and shall be due and payable in 15 years. Such loan shall bear interest at 5% and
payments made annually based on the amount received as may be extended for such
additional 1 year terms as may be deemed necessary for the repayment of such loans.
PASSED by the City Council of the City of Pasco, Washington, this 1 st day of
November, 2004.
SIGNED in authentication of its passage this 1 st day of November, 2004.
r
dichael L. Garri n, ayor
ATTEST: APPROVED AS TO FORM:
r'
Webster Jackson, City Clerk Leland B. Kerr, City Attorney