Loading...
HomeMy WebLinkAbout0666 ResolutionRESOLUTION NO. 666 A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM THE ARTERIAL STREET FUND TO MAKE WORK PROGRESS PAYMENTS DUE` UNDER L. I. D. NO. 71. WHEREAS, the City Council of the City of Pasco is desirous of borrowing the sum of $ 3,564,80 from the ARTERIAL STREET Fund to make work progress payments under L. I. D. No. 7.1 which requires periodic payments to be made 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 for L. I. D. No. 71 are sold, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS: Section 1. The sum of $ 39564.80 ARTERIAL STREET shall be transferred from the Fund to Local Improvement District Fund No. 71 as a temporary transfer loan to make work progress payments. Section 2. The aforesaid loan shall bear interest at the rate of 410 per annum from the date of transfer. Section 3. The aforesaid loan shall be repaid as'follows: One lump sure payment when the bonds are. sold during the year • 1966 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 as provided by law this 2nd day of November, 1965. Atte t: r City Clerk Approved as to form: City Attorney '