HomeMy WebLinkAbout0612 ResolutionI RESOLUTION NO4. 612
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 $1, 500. 00
TO BE USED TO PAY FOR THAT CERTAIN PERMIT WHICH THE CITY OF PASCO
RECEIVED FROM THE NORTHERN PACIFIC RAILROAD.
WHEREAS, the City of Pasco has received a permit from the Northern Pacific
Railroad for and in consideration of the sum of $1, 500. 00, and
WHEREAS, the above sum is to be paid from the funds received from the sale
of the City's Water and Sewer Revenue Bonds, and
WHEREAS, said bonds have not yet been sold and the $1, 500. 00 is now due and.
owing to the Northern Pacific Railroad, and
WHEREAS, sufficient monies are available in the Water Fund for a temporary
transfer loan to pay this cost, and
WHEREAS, the Finance Committee of the City of Pasco has recommended said
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 $1, 500. 00 shall be transferred from the Water Fund to
the Water and Sewer Revenue Bonds Fund - 1964 to be used to pay for a permit
received from the Northern Pacific Railroad.
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 City's Water and Sewer
Revenue Bonds have been sold.
Section 4. This loan has been approved 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 BY LAW
this 6th day of October, 1964.
C
MAYOR
Attest:
City Clerk
Approved as to form:
Ci y Attorney
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