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HomeMy WebLinkAbout0620 ResolutionRESOLUTION NO. 6.20 A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM THE WATER DEPARTMENT FUND OF THE CITY OF PASCO TO THE WATER - SEWER REVENUE BOND FUND - :1964 OF THE CITY OF PASCO. WHEREAS, there is now due and owing a pr••og'ees's:4:4-on payment for & Engineer services performed to date by the contractor/under the City's Storm Sewer Contract, and WHEREAS, this payment was to be made from the proceeds received from the sale of the City's 1964 -,Water-Sewer Revenue Bonds, and WHEREAS, these proceeds have not yet been received by the City, and WHEREAS, sufficient monies are available in the Water Department Fund to meet this payment, 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, and to be repaid as soon as the proceeds from the sale of the Revenue Bonds are received, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS: Section 1. The sum of $50, 000. 00 shall be transferred from the Water Department Fund to the Water -Sewer Revenue Bond Fund - 1964 as a temporary transfer loan to be used for making periodic p:rco:gress__ic.n payments now due the & Engineer contractor/under the City's Storm Sewer Contract. Section 2. This -loan shall bear interest at the rate of 376 per annum. Section -3. The -aforesaid loan will be repaid in full when the proceeds from the sale of the Water -Sewer Revenue Bonds are received and at such time as may be determined by the Finance Committee of the City of Pasco. Section 4. 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 December, 1964. Atte st: City Clerk Approved as to form: - City Atto ey y OR