HomeMy WebLinkAbout0478 ResolutionRESOLUTION NO.
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER.
LOAN FROM THE WATER DEPARTMENT FUND TO THE CURRENT
EXPENSE FUND OF THE CITY OF PASCO.
WHEREAS, the City Council is desirous of borrowing the sum of
$10, 000 from the. Water Department Fund to meet the current -expenses of
the Current Expense Fund, and
WHEREAS, sufficient monies are available in the Water Department
Fund for a temporary transfer loan to the. Current Expense Fund, and
mittee 'f"the City of Pasco has recommended
WHEREAS, the Finance Com
said temporary transfer loan.. as being to -the best interests of the City of Pasco,
NOW, THEREFORE,
THE, CITY COUNCIL OF THE CITY OF _P'AS.C.O DO RESOLVE. AS
FOLLOWS:
Section 1.
The..sum of $10, 000 shall be tran.sferred.as of this date from the Water
Department Fund to the Current Expense. Fund as a temporary transfer loan
to said Fund.
Section .2.
The aforesaid loan shall be repaid in full with intere.stl at the rate of
% per annum as soon as. the next payment is received by the City of Pasco
from the State of Washington for its per capita share of the liquor monies. The
repayment of this loan to. the. Wafer Department Fund shall be a prior, obligation
to any Current'Expense Fund interest bearing warrants which may be outstanding
at the time the liquor monies are received.
PASSED by the City Council and. APPROVED by the Mayor this,' day of
November', 1960..
-MAYOR
ATTEST: . ;l
City Clerk /
1
0
Approved a,s to form:
City Attorney.