HomeMy WebLinkAbout0683 ResolutionRESOLUTION NO. 683
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER
LOAN FROM THE AT€RIAI STREET FUND TO
MAKE WORK PROGRESS PAYMENTS DUE UNDER LID NO. 74
WHEREAS, the City Council of the City of Pasco is desirous of
borrowing the sum of $7, 200. 00 from the _ARTERIAL STREET Fund
to make work progress payments under LID No. 74 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 LID No. 74 are sold, NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS
FOLLOWS:
Section 1. The sum of $7, 200. 00 shall be transferred from the
ARTERIAL STREET Fund to Local Improvement District Fund
No. 74 as a temporary transfer loan to make work progress payments.
Section 2. The aforesaid loan shall 'bear interest at the rate of
4% per annum from the date of transfer.
Section 3. The aforesaid loan shall be repaid as follows:
One lump sum payment when the financing is completed
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
.I
its passage as required by law..
PASSED by the City Council and APPROVED as provided by law
this 15 day of February, 1966.
ATTEST:
J / O
CITY CLERK
Approved as to Form:
CITY ATTORNEY
1-"
G. E. !CARTER, 141AYOR