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RESOLUTION N0,_ 739
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER
LOAN FROM THE WATER DEPARTMENT FUND AND ARTERIAL
STREET CONSTRUCTION FUND TO THE GENERAL OBLIGATION
BOND CONSTRUCTION FUND, 1968, OF THE CITY OF PASCO.
WHEREAS, the General Obligation Bonds have not been sold to meet
the construction expenses for the two swimming pools and two covered play areas,
and,
WHEREAS, the sum of not more than $120,000,00 cash is needed now,
and sufficient monies are available in the Water Department fund and the Arterial
Street Construction Fund for a temporary transfer loan, and
WHEREAS, the Finance Committee of the City of Pasco has recommended
said temporary transfer loan as being in the best interests of the City of Pasco,
NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS:
Section 1, The sum of $60,000,00 shall be transferred from the
Water Department Fund, and $60,000,00 shall be transferred from the Arterial
Street Construction Fund to the General Obligation Bond Construction Fund, 1968,
as temporary transfer loans to meet construction requirements for that fund.
Section 20 The loan shall bear interest at the rate of 5% per
annumo
Section L The loans shall be repaid in 1968 as soon as funds
are received from the sa a of General Obligation Bonds, 1968, to repay the Water
Department Fund and Arterial Street Construction Fund.
PASSED by the City Council and APPROVED as provided by law this
®day of August , 1968,
Carter, Mayor
ATTEST:
eorge o as , Director of Administration
and ex -officio -City Clerk
APPROVED AS TO ORMo
gyne Camp , City Attorbey