HomeMy WebLinkAbout1046 ResolutionRESOLUTION N0. 1046
A RESOLUTION OF THE CITY OF PASCO AUTHORIZING THE CITY 14ANAGER
TO OBTAIN INTERIM FINANCING FOR THE PASCO-KENNEWICK INTERCITY
BRIDGE BY THE SALE OF INTEREST BEARING WARRANTS.
WHEREAS, The'City of Pasco collectively with the City of Kennewick,
Franklin County,' -and Benton'County, commit themselves to funding the
twenty-five (25%) per cent local share of a bridge crossing the
Columbia River;'and Y4
WHEREAS, The City.Council of the City of Pasco did on July 15,
1975, adopt Ordinance No. 1723 authorizing the issuance of Councilmanic
Bonds up to $1,163,000.00;°and
WHEREAS, The City Council of the City of Pasco finds it in the
best interest of the City of Pasco to delay the sale of said Bonds
and an indefinite period and issue interest bearing warrants to
temporarily cover the City's share of the construction costs; now,
therefore
THE CITY COUNCIL OF THE CITY OF PASCO HEREBY RESOLVES AS FOLLOWS:
Section 1: The City Council of the City of Pasco hereby authorizes
and directs the City Manager to negotiate the sale of interest
bearing warrants up to $1,163,000.00, but in no case to exceed
the legal councilmanic debt limit of the City as defined in
RCW 39.36.020 (2)
Section 2: The City Council of the City of Pasco pledges to issue
the councilmanic bonds authorized by Ordinance No. 1723 and
redeem said warrants on or before December 31, 1.977. If other
funding source(s) become available prior to the issuance of
said bonds, it may be substituted for the bond proceeds in
redeeming the warrants herein authorized.
Section 3: This Resolution shall be in full force and effect after
its passage as required by law.
PASSED BY THE CITY COUNCIL This 20 day of July 1976.
ATTESTED: J.C. BAILIE, MAYOR PRO TEM
velyn [ae ls, ,Deputy City Clerk
Roa8 City Attorney