HomeMy WebLinkAbout0402 ResolutionRESOLUTION NO.
1
A RESOLUTION authorizing the issuance of interest-bearing
warrants to pay for certain improvements now being being made to
to the sewer and water systems of the City of Pasco until the pro-
ceeds of a revenue bond issue are available.
WHEREAS certain improvements are now being made to the sewer and
water systems of the City of Pasco which are ultimately to be paid.by the issu-
ance of revenue bonds and
WHEREAS the proceeds to be derived from the sale of revenue bonds to,
pay for the cost of materials and construction will not be available for several
months, and
WHEREAS it is necessary for the City of Pasco to make certain construc-
tion and material payments immediately, and
WHEREAS necessary funds are available in the following city accounts:
Street Department Fund, $30, 000. 00 and Water and Sewer Revenue Reserve Ac-
count- 1954,
c -count -1954, $42, 000. 00,• 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 to the City
of Pasco not to exceed $72, 000. 00, to bear interest at the rate of 4% 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:. Street Department
Fund, not to exceed $30, 000. 00, and Water and Sewer Revenue Reserve Account -
1954, not to exceed $42, 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.
PASSED and APPROVED this Ifh day of September, 1957.
,ATTEST: .,�C
A Y R
City Clerk
APPROVED AS TO FOR GV w�i
City. Attorney