HomeMy WebLinkAbout0752 ResolutionRESOLUTION NO. 752
A RESOLUTION PROVIDING FOR A TEMPORARY TRANSFER LOAN FROM THE
ARTERIAL STREET FUND, WATER AND SEWER REVENUE BOND CONSTRUCTION
FUND, AND THE WATER/SEWER REVENUE BOND RESERVE, 1964 FUND, TO
THE URBAN RENEWAL FUND OF THE CITY OF PASCO.
WHEREAS, Federal Funds have not been received; in order to continue
the execution of the Urban Renewal Project, Washington R-18, and
WHEREAS, The sum of not more than $142,000 cash is needed now, and,
sufficient monies are available in the Arterial Street Fund, Water and Sewer
Revenue Bond Construction Fund, and the Water and Sewer Revenue Bond Reserve,
1964.Fund, for a temporary transfer loan, and
WHEREAS, The Finance Committee of the City of Pasco has recommended
such 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 following temporary transfer loans are hereby authorized to
meet t nding requirements of the Urban Renewal Fund.
FRO M
AMOUNT
TO
Arterial Street Fund $120,000 Urban Renewal Fund
Water and Sewer Revenue
Bond Construction Fund $ 12,000 Urban Renewal Fund
Water/Sewer Revenue Bond
Reserve, 1964 Fund $ 10,000 Urban Renewal Fund
Section 2. The loan shall bear interest at the rate of 6% per annum.
Section 3. The loan shall be repaid in 1969 as soon as funds are received
from the Federal Government to repay the Arterial Street Fund, Water and Sewer
Revenue Bond Construction Fund, and the Water/Sewer Revenue Bond Reserve,
1964 Fund.
PASSED by the City Council and APPROVED as provided by law this 6th
day of November, 1968.
G.E. CARTER, MAYOR 'k
ATT :
GEORGE D.(3EM=, DIRECTOR OF ADMINISTM7M
Gam..
AND EX -OFFICIO CITY CLERK
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D. WAYNE CAMPBELL, CITYP(TTORNEY