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RESOLUTION NO.
A RESOLUTION AUTHORIZING THE ISSUANCE OF INTEREST SEARING
WARRANTS TO PAY FOR CERTAIN IMPROVEMENTS NOW BEING MADE
TO THE SEWER AND WATER'SYSTEMS OF THE CITY OF PASCO UNTIL
THE PROCEEDS OF A REVENUE BOND/ARE AVAILABLE
ISSUE
WHEREAS certain .improvements are now being made to the sewer and water
systems of the City of Pasco ..wbich .are ultimately to be paid by the issuance of reven-
ue 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 construction
and material payments immediately, and
WHEREAS necessary funds are available in the following City accounts:
Permanent Street Construction & Storm Sewer Construction Fund
$35,000.00
CUM Reserve -Permanent Street Construction and Storm Sewer
Construction Fund $15, 000.00
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO
RESOLVE AS FOLLOWS:
Section 1. That the Mayor and City Council 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 $50, 000.00 to bear interest at the rate of 4jo 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 said funds: Permanent Street. Con-
struction & Storm Sewer Construction Fund, not,to exceed $35, 000. 00 and CUM
Reserve -Permanent Street Construction & Storm Sewer Construction Fund, not
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to exceed $15, 000. 00
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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 revenue bond proceeds.
PASSED by the City and Approved by the' Mayor this 19th day of November,
1957.
MAY(
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ATTEST:
' City Clerk
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AP R VED AS TOY ORM:
City Attorney