HomeMy WebLinkAbout1053 Resolution.1. 1W
RESOLUTION NO. 1053
A RESOLUTION OF THE CITY OF PASCO, WASHINGTON, ACCEPTING THE
OFFER OF THE OLD NATIONAL BANK OF WASHINGTON, TO PROVIDE IN-
TERIM FINANCING FOR THE KENNEWICK-PASCO INTERCITY BRIDGE
PROJECT.
WHEREAS, the City Council of the City of Pasco, Washington, did on
August 31, 1976, pass Ordinance No. 1813 authorizing the sale of $720,000 of
Councilmanic General Obligation Bonds; and
WHEREAS, the need for cash precedes the bond delivery date; and
WHEREAS, Old National Bank of Washington has offered to provide the needed
cash on an interim basis; 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 the
City Manager to accept Old National Bank's offer to purchase City of Pasco
interest bearing warrants, as authorized in Section 7 of Ordinance No. 1813,
at an interest rate of five (5%) percent per annum.
Section 2. All warrants issued under this agreement will be redeemed from
the proceeds of said bond issue within thirty (30) days of receipt of the bond
sale proceeds. In no event, no later than March 1, 1977.
Section 3. This Resolution shall be in full force and effect after its
passage as required by law.
PASSED by the City Council and APPROVED this 21 day of September
1976.
ATTEST:
'EVELYN WELLS, DEPUTY CITY CLERK
APPROVED AS TO `FORM:
CK T. RO CH, CITY ATTORNEY
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TIDRICK, MAYOR
OLD NATIONAL BANK OF WASHINGTON
A Washington Bancshares Bank
September 20, 1976
City of Pasco
P.O. Box 293
Pasco, Wa. 99301
Attention: Leo E. Olney
Financial Director
Gentlemen:
Subject to the conditions indicated below, we will cash and hold
$720,000.00 registered warrants issued by the "Inter -City Birdge
Construction Fund" registered as to interest at a rate of 50.
Conditions.
1. That we receive attestation from the City of Pasco, in
the form of either a resolution or an ordinance, that the
bond proceeds (from the bonds described by ordinance
No. 1813 - ratified by the City Council August 31, 1976)
will be applied within 30 days to redeem the outstanding
registered warrants incidental to this bid.
2. That we receive an approving opinion from the law firm of
Roberts, Shefelman, Lawrence, Gay and Moch confirming that
all matters relative to both Item 1. above and to the
issuance of warrants in general conform to Washington
State law.
3. That should any of these warrants remain outstanding and
unpaid subsequent to March 1, 1977, then the interest rate
will be adjusted from 5% to 8% from that date forward.
• --c•X51
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City Manager, City of Pasco
Dated: September 22, 1976
Respectfully submitted,
OLD NATIONAL OF WASHINGTON
By
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