HomeMy WebLinkAbout0651 ResolutionRESOLUTION NO, 6.5.1 . .
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER
LOAN FROM THE FUND TO MAKE WORK PROGRESS PAYMENTS
DUE UNDER L.I.D. N0. 69
WHEREAS, the City Council of the City of Pasco is desirous of
borrowing the. sum of $ 3,115.50 from the.Arterial Street Fund
to make work progress payments under L.I.D. No. 69 which requires periodic
1 payments to the contractor, and
` WHEREAS, the necessary funds are now available in the Arterial Street
Fund to pay for such work in progress, and
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.I.D.
No. 69 are sold,
NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS:
Secticn'1. The sum of $ 3,115.50 shall be transferred from the
Arteri al Street Fund to Local Improvement District Fund No. 69 as
a temporary transfer loan to make work progress payments.
" Sect 2. The aforesaid loan will bear interest at the rate of
4% per annum from the date of 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 Finance Committee of the City of Pasco.
Secti6a'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 '' '.20th•.
day of'''July.• •..•• 1965.
Mayor
ATTEST:
-City Clerk
APPROVEDD AS TO FORM:
CityAttorbey