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HomeMy WebLinkAbout0417 Resolution4 RESOLUTION NO. 417 A RESOLUTION AUTHORIZING THE ISSUANCE OF TIME WARRANTS TO MAKE PAYMENTS DUE UNDER L. I. D. NO. 64. Until the proceeds of the L.I.D. No. 64 Bond Issue are available or until moneys are available in either the Cumulative Reserve Fund For Permanent Street Construction and Storm Sewer Construc- tion, or the Permanent Street Construction and Storm Sewer Construc- tion Reserve Fund. WHEREAS, work is now progressing under L.I.D. No. 64 which will ultimately be paid by the issuance of L.I.D. bonds, and WHEREAS, the proceeds to be derived from the sale of said L.I.D. bonds to pay for the work now in progress will not be avail- able for several months, and WHEREAS, the moneys in the Cumulative Reserve Fund for Perman- ent Street Construction aid Storm Sewer Construction and the Perman- ent Street Construction and Storm Sewer Construction Reserve Fund are presently fully invested, 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. 64, We WHEREAS, necessary funds are now available in the Street De- partment Fund in the amount of $10,000.00, 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 hereby are, authorized to issue time warrants of the City of Pasco not to exceed $10,000.00. Li i Section 2. That the warrants so issued .shall be used to borrow money from the. Street Department Fund. Section 3. That said $10, 000. 00 be placed in the L. I. D. No. 64 Construction Fund. Section 4. That as soon as the L. I. D. No. 64 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, Do No. 64 bond proceeds, or as soon as moneys become available in the Cumulative Reserve Fund, For Permanent Street Construction and Storm Sewer Construction, or in the Permanent Street. Construction and, Storm. Sewer Construction Reserve Fund, the time warrants are to- be funded and paid by the City of Pasco from.either of said funds, whichever occurs first. PASSED by the City Council and APPROVED by the Mayor this 17th day of June, 1958, ATTEST: City Clerk APED AST F City Attorney IWAS Mayo r