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HomeMy WebLinkAbout0333 Resolutionr� RESOLUTION NO. A RESOLUTION AUTHORIZING THE ISSUANCE OF INTEREST BEARING TIME .WARRANTS TO PAY FOR IMMEDIATE CONSTRUCTION COSTS OF THE PRIMARY SEWAGE TREATMENT PLANT UNTIL THE PROCEEDS OF A REVENUE BOND _ ISSUE .ARE AVAILABLE. WHEREAS a primary sewage treatment plant is presently being constructed in the City of Pasco, Washington, a part of the cost of which is to be defrayed by the issuance of $100,000.00 in revenue bonds, and WHEREAS the proceeds to be derived from the sale of bonds to pay the cost of construction will not be available for several months, and WHEREAS it is necessary for the City of Pasco to make construc- tion payments immediately, and WHEREAS the necessary funds are available in the following City accounts: B)ailding and Alterations, $54,000.00; Airport Fund, $28,000.00; Firemen's Relief and Pension, $7,000.00; Cemetery Trust, $4,000.00;'and Current Expense, $7,000,.00; a total of $100ii000.007 now, therefore, THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS: Section 1. That the Mayor and City Clerk of the City of Pasco, be and they are hereby authorized to issue interest bearing time warrants of the City of Pasco, not to exceed $100,000.00, to bear interest at the rate of 3% per annum until paid. Section 2. That the warrants so issued shall be used to borrow money from the following funds as an investment to the said fund: Building and Alterations not to exceed $54,000.00,.A.irport Fund not to exceed $28,000.001 Firemen's Relief and Pension not to exceed $7,000.00, Cemetery Trust not to exceed $4,000.00 and Current Expense not to exceed $7,000.00. Section 3. That as soon as the revenue bonds are sold and the proceeds available to the City of Pasco, the time warrants are to be funded and paid by the City of Pasco from said revenue bond proceeds. 11 PASSED AND APPROVED this J -T-- ATTEST: r city Clerk APPROVED AS TO FORM: "City Attorney day of Septemb.er, 1953• r Mayor