HomeMy WebLinkAbout0503 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
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•sum of $20, 000 from the, Water Department .Fund for the Current Expense
Fund to, purchase a fire truck for the Fire Department, and
WHEREAS, sufficient monies, are available in the Water
Department Fund for such a 'temporary transfer loan and have beenprovided
for in the 1962 Budget of the City of. Pasco, and
WHEREAS, the Finance Committee of the City of Pasco has
recommended said temporary transfer loan as being to the best interests. of
the City of Pasco," NOW, . THEREFORE,
THE ,CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE
AS FOLLOWS:,
Section 1, The sum of $20, 000. shall be transferred from the
Water Department. Fund to the Current' Expense Fund as a temporary transfer
loan to purchase a fire truck for the Fire Department.,
Section 2. The aforesaid loan will bear interest at the rate of
3% per annum on the :declining balance from the date of the transfer.
Section 3. The 'aforesaid loan will be properly'budgeted and
repaid over a period of three years as follows:
1963 $6, 000
1964 6, 000
1965 8, 000
Interest shall be paid additionally with each annual payment.
Section 4. The annual repayment on the loan as above set
forth shall be made at such time s during the payment year as may be
determined by the: Finance Committee of the City of Pasco.
PASSED by the City Council and APPROVED by the Mayor
this 6th day of arch,' 962. +—"�"---
Atte st MAYOR
City..Clerk i
Approved as to fo.rnn: CityAttorney.