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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 z 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 .a City Manager, City of Pasco Dated: September 22, 1976 Respectfully submitted, OLD NATIONAL OF WASHINGTON By :r