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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.
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PASSED AND APPROVED this J -T--
ATTEST:
r
city Clerk
APPROVED AS TO FORM:
"City Attorney
day of Septemb.er, 1953•
r
Mayor