HomeMy WebLinkAbout0599 ResolutionRESOLUTION NO 599
A RESOLUTION PROVIDING FOR..A TEMPORARY TRANSFER LOAN FROM
THE Arterial Street FUND TO MAKE WORK
PROGRESS PAYMENTS DUE UNDER L. 1.1D.I NO,1 68.
WHEREAS, the City Council of the City of Pasco .is desirous of borrowing
the sum of $ 16.000.00 from the Arterial, Street, Fund
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to make work progress payments under L. I. D. No. 68 which requires periodic
payments to be made to the contractor, 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. I. D. No. 68 are sold, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS:
Section 1. The sure of $ 160000.00 shall be transferred from the
Arterial Street Fund to Local Improvement District
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Fund No. 68 as a temporary transfer loan to make work progress payments.
Section 2. The aforesaid loan shall bear interest at the rate of 476 per annum
from the date of transfer.
Section 3. The aforesaid loan shall be repaid as follows:
One lump sum payment when the bonds are sold during the
year 1064
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 as provided bylaw this 4th
day of August, 1964.
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Approved as to form: