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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 r MAY -O, R