HomeMy WebLinkAbout0740 ResolutionRESOLUTION NO. 740
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN
FROM THE ARTERIAL STREET FUND TO THE URBAN RENEWAL
FUND, OF THE CITY OF PASCO.
WHEREAS, funds from the Federal Government, pursuant to the
Urban Renewal Agreement between the City of Pasco and the Federal Government
have not been received, and
WHEREAS, the sum of not more than $25,000.00 cash is needed to
permit the Urban Renewal Department to continue operation, and sufficient
monies are available in the ARterial Street 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 $25,000.00 shall be transferred from the.
Arterial Street` Fun;r to the Urban Renewal Fund as a temporary transfer loan
to meet 1968 Budget appropriations for the Urban Renewal Fund.
Section 2. The loan shall bear interest at the rate of 5% per
annum,
Section 3, The loan shall be repaid in 1968 as soon as sufficient
monies are received y the City Treasurer from the Federal Government, for the
Urban Renewal Fund to repay the Arterial Street Fund.
PASSED by the City Council and APPROVED as provided by law this
ay of August , 1968.
G.L. Carter, Mayo
ATTEST:
eorge as -,-9 rec or of Admintsfration
and exm.o,fficio City Clerk
APPROVED AS TO FORM:
D. Wayne Ca"bell, City Nttorney