HomeMy WebLinkAbout0580 ResolutionRESOLUTION NO. 580 ,
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM
THE ARTERIAL STREET FUND TO MAKE WORK PROGRESS PAYMENTS
DUE UNDER L. I. D. NO. ' 67.
WHEREAS, the City Council of the City of Pasco is desirous of borrowing
the sum of $20, 000. 00 from the Arterial Street Fund to make work progress
payments under L.I.*D.' No. 67 which requires periodic payments to the con-
tractor, and
WHEREAS, the necessary funds are now available in the Arterial Street
Fund to pay for such work in progress, and
WHEREAS, the Finance Committee of the City of Pasco has recommended
' the temporary transfer loan as being in the best interests of the City of Pasco
and to be repaid when the bonds for L.1.1).'No. 67 are sold, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS:
Section 1. The sum of $20, 000. 00 shall be transferred from the Arterial
Street Fund to Local Improvement District Fund No. 67 as a temporary transfer
loan to make work progress payments.
Section 2. The aforesaid loan will bear interest at the rate of 4% per annum
from the date of the transfer.
Section 3. The aforesaid loan will be repaid as follows:
One lump sum payment when the bonds are sold during the
year 1964.
Section 4. The lump sum repayment shall be made at such time as may
be determined by the Finance Committee of the City of Pasco.
►' Section 5. This resolution shall be in full force and effect after its
passage as required by law.
PASSED by the City Council and APPROVED by the Mayor this 11,_t day
of January, 1964.
Attest:
City Glerk _
Approved as to form:
-�Vrri�.y_
-2-
1
MAYOR