HomeMy WebLinkAbout0404 ResolutionRESOLUTION NO. 404
A RESOLUTION AUTHORIZING THE ISSUANCE
OF INTEREST BEARING WARRANTS TO MAKE
PAYMENTS DUE UNDER L.I.D. NO. 63 UNTIL
THE PROCEEDS OF THE L.I.D. NO.63 BOND -
ISSUE ARE AVAILABLE.
WHEREAS, work is now progressing under L.I.D. No. 63 which will
ultimately be paid by the issuance of L.I.D. bonds, and
WHEREAS, the proceedsto be derived from the sale of said L.I.D.
bonds to pay for the work now in progress will not be available
for several months, and
WHEREAS, it is necessary for the City of Pasco to make certain
payments immediately for work now in progress on L.I.D. No. 63,
and
WHEREAS, necessary funds are now available in the Cemetery Trust
Cash Fund in the amount of $35,000, 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 hereby are authorized to issue interest bearing time
warrants of the City of Pasco not to exceed $35,000 to bear inter-
est at 5%% per annum until paid.
Section 2. That the warrants so issued shall be used to borrow
money from the Cemetery Trust Cash Fund as an investment to said
fund.
Section 3. That said $35,000 be placed in the L.I.D. No. 63
Construction Fund.
Section 4. That as soon as the L.I.D. No. 63 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 L.I.D.
No. 63 bond proceeds.
PASSED by the City Council and APPROVED by the Mayor this 3rd
day of December, 1957.
Attests
City Clerk
City Attorney
Mayor
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