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HomeMy WebLinkAbout0649 ResolutionRESOLUTION NO. 4 ¢9 A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM THE ARTERIAL STREET FUND TO MAKE WORK PROGRESS PAYMENTS DUE UNDER L. I. D. NO. 69. WHEREAS, the City Council of the City of Pasco is desirous of borrowing the sum of $3, 599. 07 from:the Arterial Street Fund to make work progress payments under L. L D. No. 69 which requires periodic payments to the con- tractor, and WHEREAS, the necessary funds are now available in the Arterial Street Fund to pay for such work in progress, and Q�) WHEREAS, the Finance Committee of the City of Pasco has recommended the temporary transfer loan as being in the best interests of the City of Pasco and to be repaid when the bonds or installment note for L. L D. No. 69 are sold, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS: Section 1. The sum of $3, 599. 07 shall be transferred from the Arterial Street. Fund to Local Improvement District Fund No. 69 as a temporary transfer loan to make work progre s.s .payments. Section Z. The aforesaid loan will bear interest at the rate of 410 per annum from the date of the transfer. Section 3. The aforesaid loan will be repaid as follows: One lump sum payment when the bonds or installment note are sold during the year 1965. Section 4. The lump sum repayment shall be made at such time as may be determined by the Tinance Committee of the City of Pasco. Section 5. This resolution shall be in full force and effect after its passage r as required by law. PASSED by the City Council and APPROVED as provided by law this day of June, 1965. ATTEST: MAYOR i CITY L' ERK APPROVED AS TO FORM: CI TTOR Y e �� - -