HomeMy WebLinkAbout0563 ResolutionRESOLUTION NO. 563
A RESOLUTION PROVIDING FOR A TEMPORARY --TRANSFER LOAN FROM
THE CURRENT EXPENSE FUND TO THE CEMETERY FUND OF THE CITY
OF PASCO.
WHEREAS, the City Council is desirous of borrowing the sum of
$5, 000 from the Current Expense Fund for the Cemetery Fund for operating
expenses, and
WHEREAS, sufficient monies are available in the Current Expense
Fund for such a temporary transfer loam 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 $5, 000 shall be transferred from the Current
Expense Fund to the Cemetery Fund as a temporary transfer loan for operating
expenses.
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:
1965 $ 2, 500
1966 4-500
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 times 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 19th
day of November, 1963.
Atte st:
_zV1W2iv KMJj._
_,City Clerk
Approved
as to form: