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HomeMy WebLinkAbout1421 Ordinances ORDINANCE NO. 1421 AN ORDINANCE PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM THE ARTERIAL STREET FUND TO THE URBAN RENEWAL FUND OF THE CITY OF PASCO. WHEREAS, The sum of not more than $145,000 cash is needed in the Urban Renewal Fund, and WHEREAS, Sufficient monies are available in the Arterial Street Fund for a temporary transfer loan, and WHEREAS, The finance committee of the City of Pasco has recommended such temporary transfer loan as being in the best interests of the City of Pasco, Now, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS: Section 1. The following temporary transfer loan is hereby authorized to meet the funding requirements of the Urban Renewal Fund. FROM Arterial Street Fund AMOUNT $145,000 TO Urban Renewal Fund Section 2. The loan shall be repaid in ln7n as soon as funds are re- ceived from the Department of Housing and Urban Renewal to repay the Arterial Street Fund. Section 3. No interest shall be charged on this loan. PASSED by the City Council and APPROVED this 5th day of May, 1970. G.E. CART , MAYOR GEORGE STORK, MAYOR PRO -TEM ATTEST-- RUTH TTEST- - Rr UTH MODESKY, ACTING CIYY CLERK APPROVED AS TO FORM: D. WAYdE CAMPBELL, CIT .ATT NEY'