HomeMy WebLinkAbout1425 OrdinanceORDINANCE NO. 1425
AN ORDINANCE PROVIDING FOR A TEMPORARY TRANSFER LOAN IN
THE AMOUNT OF $40,000 FROM THE ARTERIAL STREET FUND TO
THE STREET FUND; PROVIDING FOR REPAYMENT, AND ASSESSING
INTEREST.
WHEREAS, $40,000 are needed in the Street Fund in order to complete
street work in the Urban Renewal area, and
WHEREAS, Said money is available in the Arterial Street Fund, and
WHEREAS, The Finance Committee has recommended said 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:
FROM AMOUNT TO
Arterial Street Fund $40,000
Street Fund
Section 2. Said funds shall be used by the Street Fund to complete
street work in the Urban Renewal area.
Section 3. This loan shall be repaid by the Street Fund prior to
December 31, 1970, from State Sales Tax Revenue, together with interest at the
rate of 6% per annum.
Section 4. This Ordinance shall be in full force and effect after its
passage and publication as required by law.
PASSED by the City Council this 19th day of May, 1970.
f
GEORGE . STORK, MAYORPRO-TEM
ATTEST -
RUTH MODESKY, ACTING CITY C
y
APPROVED TO FORM:
A ' /7/,4, e� � 0
D. WA CAM BELL, CITY AT RNEY