HomeMy WebLinkAbout2851 Resolution RESOLUTION NO. -�,) o J [
A RESOLUTION AUTHORIZING AN INTERFUND LOAN FROM THE
ARTERIAL STREET FUND TO THE WEST LEWIS STREET
IMPROVEMENT FUND TO FINANCE THE LOCAL IMPROVEMENTS
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 Arterial Street Fund to the
West Lewis Street Improvement Fund to finance those improvements, and to provide for the
repayment thereof,NOW,THEREFORE,
THE CITY OF PASCO,WASHINGTON HEREBY RESOLVES AS FOLLOWS:
1. Authorization for loan. The Finance Manager of the City of Pasco is hereby
authorized and directed to loan $23,185 from the Arterial Street Fund to the West
Lewis Street Improvement Fund and make such transfers as necessary to complete the
financing process.
2. Terms and Memo rializ ation. The effective dates of the loans shall be December 31,
2002 and shall be due and payable in 10 years. Such loan shall bear interest at 4%
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.
SIGNE in authentication of its passage this I st day of November, 2004.
ichael L. Garris n, Mayor
ATTEST APP S TO FORM:
Webster Jackson, City Clerk Leland B. Kerr, City Attorney