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HomeMy WebLinkAbout1118 ResolutionRESOLUTION NO. 1118 A RESOLUTION RELATING TO FINANCING AND AUTHORIZING THE FINANCE DIRECTOR OF THE CITY OF PASCO TO ISSUE INTEREST BEARING WARRANTS OF UP TO $70,000.00 AS INTERIM FINANCING FOR THE CITY OF PASCO FIRE TRUCKS RECENTLY PURCHASED. WHEREAS the City of Pasco has purchased certain fire trucks with funds to be raised by assessing the property owners in the City, and WHEREAS the cash flow for the entire purchase of the fire trucks is such that the City of Pasco needs to borrow funds to meet payments ahead of the actual collection of taxes that are to pay for the fire trucks, and WHEREAS the Finance Director of the City of Pasco has estimated that the City needs to borrow on an interim basis up to $70,000.00 from Peoples Bank, Pasco Branch, to meet the interim commitments on the fire truck financing; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PASCO: That the Finance Director of the City of Pasco be and he is hereby authorized to issue interest bearing warrants of up to $70,000.00 to be drawn upon the Fire Equipment and Construction Fund for the purpose of financing on an interim basis the ladder and pumper trucks recently purchased for the Fire Department of the City of Pasco, said warrants to be redeemed in numerical order from special property. tax collections as authorized by special municipal election on February 3, 1976, or whatever other funds that shall become available for said purpose. PASSED by the City Council of the City of Pasco, Washington, this 3 day of October 1977. Ja i rick, Mayor AT ST: ,/1C e3yn' ells, DeputTCityDeputy Clerk ,APPXOVED AS TOO F Michael E. Cooper, City Attorney