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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