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 '