HomeMy WebLinkAbout0611 ResolutionRESOLUTION NO, 611
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM THE
WATER DEPARTMENT FUND TO THE WATER AND SEWER REVENUE BOND
FUND - 1964 CREATED UNDER ORDINANCE NO. 1145 IN THE AMOUNT OF
$ 12,255.00 TO BE USED BY. THE CITY OF PASCO- AS A PERIODIC PAYMENT
TO GRAY & OSBORNE AND TO BE REPAID FROM THE SALE. OF THE CITY'S
WATER AND SEWER REVENUE BONDS.
WHEREAS, the City of Pasco has received the plans and specifications for its;
storm sewer from the engineering firm of Gray & Osborne, and
WHEREAS, Gray & Osborne are entitled at this time to receive the amount of
$ 12,255.00 for their services, and
WHEREAS, the money to pay this cost is to come from the proceeds received
from the sale of the City's Water and Sewer Revenue Bonds, and
'WHEREAS, these bonds have not been sold, and
WHEREAS, sufficient monies are available in the Water Fund to pay this cost
at this time, and
WHEREAS, the Finance Committee of the City of Pasco has recommended this
temporary transfer loan as being in the best interest of the City of Pasco, NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS:
Section 1. The sum of $ 12.255.00 shall be transferred from the Water
Department Fund to the Water and Sewer Revenue Bond Fund - 1964 to be used to pay
Gray & Osborne for their services in preparing the plans and specifications for the
City's storm sewer.
Section 2. This loan shall bear interest at the rate of 3 % per annum.
Section 3. This loan shall be repaid as soon as the proceeds are received
from the sale of the City's Water and Sewer Revenue Bonds.
Section 4. This loan has been approved by the Finance Committee of the
City of Pasco.
Section 5. This resolutaion shall be in full force and effect after its passage
'as required .by law.
PASSED. by the City Council and APPROVED as provided by law this 6th
`e /r
day of October, 1964.
MAYOR
Atte st:
City Clerk
Approved as to form:
City Attorney