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HomeMy WebLinkAbout0628 ResolutionRESOLUTION NO'; 528 A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM THE CURRENT EXPENSE FUND OF THE 1965 BUDGET TO THE PARK FUND TO BE USED FOR THE ACQUISITION OF LAND WHEREAS, the City Council of the City of Pasco is desirous of purchas- ing land as a park site, and has at this time an option to purchase certain land for this purpose, and WHEREAS, the City Council is desirous of borrowing $5, 000. 00 from the Current Expense Fund to be used by the Park Fund to pay for the land, and WHEREAS, the necessary funds are available in the Current Expense Fund, and WHEREAS, the Finance Committee of the City of Pasco has recommended this temporary transfer loan as being in the best interests of the City of Pasco, NOW$, THEREFORE; THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS: Section 1. The sure. of $5, 000.90 shall be transferred from the Current Expense Fund to the Park Fund as a temporary transfer loan to be used for acquiring the land that the City has an option to purchase on. Section 2. The aforesaid loan will bear interest at the rate of 3% per annum from the date of transfer. Section 3. The aforesaid loan will be repaid in full on or before July 1, 1965, and at such time as the Finance Committee shall determine. 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 19th day of January, 1965. Atte st: City Clerk Apr oved as to form: 1G` 't 03.vn ey MAYOR