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HomeMy WebLinkAbout0457 Resolution1� RESOLUTION NO. WHEREAS under Resolution No. 456 adopted by the City Council of the City of Pasco on December 29, 1959, the City has applied to the United States of America for matching monies to construct a 500 -foot southwesterly elc- tension of runway 2L- 20R and to patch, seal and resurface runway 11L- 29R at the Pasco Airport, and WHEREAS it is estimated that the City's share of the cost of said im- provements would be the sum of $95, 594. 82, and WHEREAS it is contemplated that revenue bonds will be sold or interest bearing time warrants will be utilized to cover the cost of the City's share of said improvements, and WHEREAS in order to expedite and further the City's application for matching monies from the United States of America it is necessary to guarantee the availability of sufficient monies to cover the City's share of the cost of the improvements in the event revenue bonds are not sold for some unforeseenable reason, and WHEREAS there are sufficient funds in excess of current needs which may be used to purchase Airport Fund interest bearing time warrants to pro- vide said guarantee in the event revenue bonds are not sold or until such time as revenue bonds may be sold, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOL-: LOWS: Section 1. That the Mayor and the City Clerk be, and they hereby are, authorized to issue 6% interest bearing time warrants of the City of Pasco on the Airport Fund in an amount not to exceed $95, 594. 82, on or before March 1, 1961, as a guarantee that the City of Pasco will have sufficient funds avail- able for the Airport improvements set forth in Section 3 in the event revenue bonds are not sold or until such time as revenue bonds may be sold. Section 2. That said warrants will be purchased by the City of Pasco with monies in excess of current needs fromGzt�-or all of the following funds as an investment for said fund: Cemetery Trust Fund Consumers 'Deposit Fund Firemen's Relief and Pension Fund Permanent Street and Storm Sewer Construction Fund Permanent Street and Storm Sewer Reserve Account Fund Water Department Fund Section 3. That the monies from the aforesaid funds shall be deposited in the Airport Fund to cover the City's portion of the cost of constructing a 500 - foot southwesterly extension of runway 2L -20R and patching, sealing and re- surfacing runway 11•L -29R at the Pasco Airport. Section 4. That the City's portion of the cost of the improvements will be financed through the sale of revenue bonds or through the continued use of the interest bearing time warrants as set forth above. in the event revenue bonds are used, proceeds of the revenue bond issue shall be used to pay off the time warrants. In the event interest bearing time warrants are used, the warrants shall be paid off from Airport Department revenues in the order and as deter- mined from time to time by the City Council. Section 5. That the City's portion of the costs of the improvements depositec in the Airport Fund through the sale of revenue bonds or the issuance of interest bearing time warrants shall remain in the Airport Fund until the application of the Cityfor matching monies is denied or until the Airport improvements are completed. Section 6. That the Airport Fund will immediately pay off the interest bearing time warrants in the event the City's application for matching monies is denied. Section 7. This resolution is made for the purpose of guaranteeing to the appropriate agency or department of the United States of America that the City's share of the cost of said improvements will be available on approval of its application for matching monies. e i i PASSED by the City Council and APPROVED by the Mayor this day January, 1960. ATTEST: City Clerk (,,� APPROVE AS TO FO M: i i City Attorney MAYOR