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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