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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