HomeMy WebLinkAbout3298 Resolution RESOLUTION NO. Z
A RESOLUTION AUTHORIZING INTERFUND LOANS FROM THE
GENERAL FUND TO THE ARTERIAL STREET FUND, COMMUNITY
DEVELOPMENT BLOCK GRANT FUND, LID CONSTRUCTION
FUND, STADIUM CONVENTION CENTER FUND, STREET FUND,
AND THE CEMETERY FUND FOR A TOTAL SUM OF$2,358,400.
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 General Fund to the Arterial Street
Fund, the Community Development Block Grant Fund, and the LID Construction Fund, Stadium
Convention Center Fund, Street Fund; Cemetery Fund and to provide for the repayment thereof,
and
NOW,THEREFORE,
THE CITY OF PASCO,WASHINGTON HEREBY RESOLVES AS FOLLOWS:
1. Authorization for loan. The Financial Services Manager of the City of Pasco is
hereby authorized and directed to make the following loans from the City of Pasco
General Fund as needed to restore fund cash balances and refinance previous interfund
loans but not..to exceed:
(A)To the Arterial Street Fund in the sum of$1,232,000;
(B)To the Community Development Block Grant Fund in the sum of$400,000;
(C)To the LID Construction Fund in the sum of$566,400;
(D)To the Stadium Convention Center Fund in the sum of$40,000;
(E)To the Street Fund in the sum of$20,000; and
(F) To the Cemetery Fund the sum of$100,000.
2. Terms and Memorialization. The effective dates of the loans shall be December 31,
2010 and shall be due and payable on January 1, 2011, 1 day later. The interest rate
will be 0%. This resolution shall constitute memorialization of these loans and their
terms.
PASSED by the City Council of the City of Pasco, Washington, this 20th day of December 2010.
SIGNED in authentication of its passage this 20th day of December,2010.
y Matt Watkins, Mayor
ATTEST: APPR AS TO FORM:
Debra Clark, City Clerk L Leland B. Kerr, City Attorney