Loading...
HomeMy WebLinkAbout0617 ResolutionRESOLUTION NO. 617 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 $ 16,993.13 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, ru 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 $16,993.13 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 K WHEREAS, sufficient monies are available in the W ter 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 AP Pasco, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS: Section 1. The sum of $16,993.13 shall �e transferred from the Water Department Fund to the later 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 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 day of November, 1964. f � - MAYOR ATTEST:. st er Schlagel, CityCler Approved as to form: D. Wayne C`mpbell, C ty Attorney Ll