HomeMy WebLinkAbout3191 Resolution RESOLUTION NO. 3 Iii
A RESOLUTION AUTHORIZING AN INTERFUND LOAN FROM THE
EQUIPMENT RENTAL REPLACEMENT GOVERNMENT TYPE FUND TO
THE LOCAL IMPROVEMENT DISTRICT 144, NORTH OF SANDIFUR/
ROAD 90 AND ROAD 92 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 Equipment Rental
Replacement Government Type Fund to the Local Improvement District 144, North of
Sandifur/Road 90 & Road 92 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 $439,579 from the Equipment Rental Replacement
Fund to the LID 144 Improvement Fund and make such transfers as necessary to
complete the financing process.
2. Terms and Memorialization. The effective date of the loan shall be September 22,
2009 and shall be due and payable in 10 years. Such loan shall bear interest at 4.5%
and payments made annually based on the amount received and may be extended for
such additional 1-year terms as may be deemed necessary for the repayment of such
loan.
PASSED by the City Council of the City of Pasco, Washington, this 21st day of
September, 2009.
SIGNED in authentication of its passage this 21 st day of September, 2009.
Joy O n, Mayor
A EST APP AS TO FORM:
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De ra Clark, City Clerk Leland B. Kerr, City Attorney