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HomeMy WebLinkAbout0522 ResolutionI&- RESOLUTION NO.�' A RESOLUTION AUTHORIZING THE CITY -TREASURER TO' INVEST SURPLUS MONIES OF THE WATER DEPARTMENT FUND AND TO CONVERT CERTAIN INVESTMENTS TO CASH. THE CITY COUNCIL* OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS: Section 1.' The City Treasurer is hereby authorized to invest surplus funds from the Water Department Fund as follows: a. To purchase from the Water -Sewer Revenue Bond Reserve Fund of 1957 the 10 -.year United States Treasury Bondspurchased by that fund on March 8, 1960,: in the amount of $18, 77.9.33, plus accrued interest at 4% per annum to the date of the purchase. b. To purchase from the Water -Sewer Revenue Bond Reserve Fund of 1957 the 10�year United States Treasury Bonds purchased by that fund on August 21, 1961, in the amount of $14, 901. 56, plus accrued interest at 2 1/27o per annum to date of the purchase. Section 2. The City Treasurer is further authorized to convert the monies invested from the Water -Sewer Revenue Bond Reserve Fund of 1957 in the Yakima Federal Savings and Loan Association, Pasco, Washington, to cash whenever she deems' it advisable in conjunction with the .retiring of the Water and Sewer Revenue Bonds of.1957 as follows: a. $4, 000 invested on March 9, 1962, with interest payable at 4% per annum. b. $5, 000 invested on August 10, 1962, with interest payable at 4jo per annum. The City Treasurer shall deposit said monies, together with whatever interest has not already been paid into the Water -Sewer. Revenue Bond Reserve Fund. of 1957. Section 3. These investments and conversions to cash 1ave.all been approved by the Finance Committee of the' City of Pasco. PASSED by the City Council and APPROVED by the Mayor this 44day of Dcembq�,1962.E Attest: / L Clerk Mayor �%�