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
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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
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