HomeMy WebLinkAbout0465 ResolutionRESOLUTION NOV__L
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A RESOLUTION AUTHORIZING THE ISSUANCE OF INTEREST
BEARING REVENUE WARRANTS TO MAKE WORK PROGRESS,
PAYMENTS DUE'UNDER L'S.D. NO. 65 TO BE PURCHASED BY
THE FIREMEN`S..;RELIEF AND PENSION FUND AS. AN, INVESTMENT
'WHEREAS, work is now progressing under' L'J D. No. 65,, which -requires
immediate payments -to the contractor, and
WHEREAS, necessary funds are now ayailable in the.,Fi,remen's.Relief
and Pension Fund in the amount of approximately $20, 000 to pay for such work,
and
WHEREAS, the firemen's Relief and Pension Board and the City-Findnce
Committee have recommended to the. City Council. of the City of Pasco that the sum
of approximately $20,000 be invested from said fund ;to purchase interest bearing
revenue wdrrants at this time and later the, bonds to be issued for said improvement,
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WHEREAS,- said investment is :for the best interests of the City of Pasco,
NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY .OF PASCO DO RESOLVE AS FOLLOWS:
Section 1.
That TheL Mayor and City Counci!I of the, City of 'Pasco be and they hereby are
authorized to issue interest bearing revenue warrants, to the City of Pasco against the
"Local Improvement Fund, District No.. 65" in an amount` -not to exceed $20;000 to
bear interest, at the rate of•fiye qr,&:7one=k-alfper cent per annum untit paid or exchanged
for bonds. of :Local, Improvement District No...654 f�
Section 2.
That the Revenue Warrants so issued'shclll be consecutively numbered R-1,
R-2, etc.,, and shall be .purchased with funds from the ;Firemen`s Relief and Pension Fund
as an investment for said fund..
Section .3:
That the mon.i'es shall be placed :in the "'Local Improvement Fund, District -.No; 65"
and cash warrants shall be issued out of the same fund consecutively numbered C-1, C-2, etc.,.,
Section 4.
That as soon as the Local improvement Qistrict No. 65 bonds are issued, they
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shall be exchanged for the revenue warrants purchased by the Firemen's Relief and
Pension Fund in accordance with the terms of the Ordinance Directing the Issuance of
Bonds for Local Improvement No. 65.
PASSED by the City Council and APPROVED by the Mayor this 2nd day of
August, 1960.
Attest:
� City Clerk
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Approved as to Ftm:
City Attorney
M A Y O R