HomeMy WebLinkAbout0797 ResolutionRESOLUTION NO:_
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A RESOLUTION PROVIDING FOR TEMPORARY TRANSFER LOANS ON
A CONTINUING BASIS FROM THE CURRENT EXPENSE FUND TO THE
INTER CITY BRIDGE FUND OF THE CITY OF PASCO.
WHEREAS, All expenditures approved and authorized under the
Inter City Bridge Fund are on a reimbursable basis by the participating
agencies, and
WHEREAS, Funds are not available in advance in order to make
timely payments, and
WHEREAS, It is in the best interest of the Inter City Bridge
Fund and the City of Pasco that these committments be paid on a current
basis; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS:
Section 1. Temporary transfer loans are hereby authorized to
meet the funding requirements of the Inter City Bridge Fund.
FROM AMOUNT TO
Current Expense Fund Not to exceed $3,000 in Inter City Bridge Fund
outstanding loans at any
one time
Section 2. The loan shall bear interest at 4% per annum; said
interest to be considered as an operating-cost,of this fund.
Section 3. The loan shall be repaid as soon as funds are received
from the various participating governmental agencies.
PASSED by the City Council and APPROVED this 19th day of Au :ust, 1969.
G.E. CARTER, MAYOR
ATTEST: n f1
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