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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.