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HomeMy WebLinkAbout2850 Resolution RESOLUTION NO. 2,�5 0 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 140 FUND TO FINANCE THE LOCAL IMPROVEMENTS WHEREAS, Ordinance No. 3478, confirming the assessment roll of Utility Local Improvement District No. 140, stated the estimated the interest rate at 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 140 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%. 2. Authorization for loan. The Finance Manager of the City of Pasco is hereby authorized and directed to loan $55,502.00 from the Water/Sewer Utility Fund to the Utility Local Improvement No 140 Fund and make such transfers as necessary to complete the financing process. 3. Terms and Memo rialization. The effective dates of the loans shall be December 31, 2001 and shall be due and payable in 15 years. Such loan shall bear interest at 4.5% 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. S NED in authentication of its passage this 1st day of November, 2004. ichael L. Gams , Mayor ATTEST APPRO S TO FORM:Webster Jackso , City Clerk Leland B. Kerr, City Attorney