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RESOLUTION NO. 653
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM
THE WATER SEWER FUND TO MAKE WORK PROGRESS PAYMENTS DUE
UNDER L.I.D. NO. 71.
WHEREAS, the City Council of the City of Pasco is de-
sirous of borrowing the sum of $5,923.24 from the Water Sewer
Fund to make work progress payments under L.I.D. No. 71 which
requires periodic payments to the contractor, and
WHEREAS, the necessary funds are now available in the
Water Sewer 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,
warrants or installment note in lieu thereof are sold, NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS
FOLLOWS:
Section 1. The sum of $5,923.24 shall be transferred
from the Water Sewer Fund to Local Improvement District No. 71
Fund as a temporary transfer loan to make work progress pay-
ments.
Section 2. The aforesaid loan will bear interest at the
rate of 4% 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, warrants or instal-
lment note in lieu thereof 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.
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 by the Mayor
this 3rd day of August, 1965.
Attest:
Esther Schlagel, CityCle"k
Approved as to form:
D. Wayne Campbell, Cit Attorney
i
G. E. Carter, Mayor