HomeMy WebLinkAbout3530 ResolutionRESOLUTION NO. 3530
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO
THE ECONOMIC DEVELOPMENT FUND.
WHEREAS, the City Council of the City of Pasco, pursuant to RCW 35.33.121, finds
that it is in the best interest of the City to lend funds from the Government Equipment
Replacement Fund to the Economic Development Fund and to provide for the repayment
thereof; and,
WHEREAS, the Economic Development Fund anticipates sufficient revenues over the
period of the loan to make the payments of principle and interest required under the terms of the
loan; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO
RESOLVE AS FOLLOWS:
Section 1. Authorization for Loans. The Financial Services Manager of the City of
Pasco is hereby authorized and directed to make the following loan from the City of Pasco funds
as follows:
From the Government Equipment Replacement Fund to the Economic Development
Fund in the amount of $1,400,000 to provide funds for the purchase of land.
Section 2. Terms. The effective dates and payment terms of the loans shall be as
provided below.
Disbursement is authorized as of January 21, 2014, the interest rate is set at two percent
(2.0 %), payable annually in three equal installments of principle and interest on or before
January 21 of each year during the term of the loan, with a final due date of January 21,
2017, without penalty for prepayment of the loan in whole or in part.
Section 3. Memorialization. This resolution shall constitute memorialization of the loan
and its terms.
2014.
PASSED by the City Council of the City of Pasco, Washington, this 21 st day of January
SIGNED in authentication of its passage this 21 st day of January 2014.
Matt Watkins, Mayor
ATTEST: APP AS TO FORM:
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City Clerk Leland B. Kerr, City Attorney
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