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