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RESOLUTION NO. 586
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM
THE ARTERIAL STREET FUND OF THE 1964 BUDGET OF THE CITY OF
PASCO TO BE USED BY THE PARK AND RECREATION DEPARTMENT FOR
CURRENT OPERATING EXPENSES.*
WHEREAS, the City Council of the City of Pasco is desirous of borrowing
the sum of $4, 000.. 00 from the Arterial Street Fund to be used by the Park and
Recreation Department for current operating expenses, and
WHEREAS, the necessary funds are available in the Arterial Street Fund, and
WHEREAS, the Finance Committee of the City of Pasco has recommended
this temporary transfer loan as being in the best interests of the City of Pasco
and to be repaid as soon as the Park and Recreation Department's tax money is
received, NOW, THEREFORE,'
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS:
Section 1. The sum of $4, 000. 00 shall be transferred from the Arterial
Street Fund to the Park and Recreation Department as a temporary transfer loan
to be used by the Park- and Recreation Department for current operating expenses.
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
The principal shall be repaid within 60 days from the date
hereof.
The interest shall be budgeted, and repaid during the year 1965.
Section 4. The Finance Committee of the City of Pasco shall determine
the time at which the principal and interest shall be repaid.
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 17th
day of March, 1964.
Attest: -
City Clerk
Approved as to f rn
City Attorney
Y MAYOR