HomeMy WebLinkAbout0530 ResolutionRESOLUTION NO,
A RESOLUTION -(AUTHORIZING THE ISSUANCE OF INTEREST BEARING REVENUE
WARRANTS TO MAKE WORK PROGRESS PAYMENTS DUE UNDER L. L D. No. 66
TO BE PURCHASED BY THE ARTERIAL STREET FUND AS AN INVESTMENT.
WHEREAS work is now progressing under L. I, p. No. 66 which
requires periodic payments to the contractor, and'
WHEREAS necessary funds are now available in the Arterial
Street Fund in the amount of approximately $37, 000. 00 to pay for such work in
progress, and
WHEREAS, the .City_,Firiaiiae:Zohamittee has recommended to
the City Council of the Cityof Pasco that the sum of approximately $37, 000. 00 be
invested from said Fund to purchase interest bearing revenue warrants as needed
to be redeemed when the bonds for L,`L'D, No. 66 are sold, and
WHEREAS, said investment is for the best interest of the
City of Pasco,
NOW THEREFORE,
AS FOLLOWS:
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE
Section 1. The Mayor and City Council of the City of Pasco
be and they are hereby authorized to issue interest bearing revenue warrants against
the "Local Improvement Fund, District No. 66" in an amount not to exceed $37, 000. 00
to bear interest at the rate of four percent per annum until paid from-. the proceeds of
the sale of bonds issued for saidD.istrict.
Section 2. The revenue warrants so issued shall be consecutively
numbered R-1, R-2, etc., or some other proper designation, and shall be purchased
with funds from the Arterial Street Fund as an investment of surplus monies in said
fund.
Section 3. The money shall be placed in the "Local Improve-
ment Fund, District No. 66" and cash warrants shall be issued out of the same fund
I
consecutively numbered C-1, C-2, etc., or some other proper designation.
Section 4. As soon as the Local Improvement District No. 66
Bonds are sold, the proceeds thereof shall be used to redeem the interest bearing
revenue warrant purchased by the Arterial Street Fund,
PASSED By the City Council and APPROVED by the Mayor this
��,day of �,�yLy�� 1963.
ATTEST:
City Clerk
Approve s to Fa m:
City Attorney
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MAY -O, R