HomeMy WebLinkAbout1300 ResolutionCITY OF PASCO, WASHINGTON
RESOLUTION NO. 1300
A RESOLUTION concerning the issuance of inter-
est bearing warrants drawn on Sidewalk Construction
Fund No. 1, 1979; accepting the offer of Ben Franklin
Bank, Pasco, Washington to hold such warrants; and
establishing a rate of interest for such warrants.
WHEREAS, by the passage and approval of Ordinance No. 2103
dated October 15, 1979, the City Council created Sidewalk Construc-
tion Fund No. 1, 1979 and authorized the issuance of interest-bearing
warrants drawn on such fund in connection with the construction of
sidewalks on portions of Sylvester Street; and
WHEREAS, by letter dated November 5, 1979, Ben Franklin Bank,
Pasco, Washington offered to hold such warrants in the approximate
total amount of $75,000; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO, WASH-
INGTON as follows:
Section 1. The City hereby accepts the offer of Ben Franklin
Bank, Pasco, Washington to hold interest-bearing warrants, drawn on
Sidewalk Construction Fund No. 1, 1979, in an amount not to exceed
$75,000.
Section 2. The City hereby establishes the interest rate on
such warrants as eight percent (8%)per annum, payable when the
warrants are duly called for redemption.
Section 3. The interest bearing warrants authorized by Ordi-
nance No. 2103 shall be issued in $1,000 denominations; shall acrue
interest from the date of presentation when they are stamped "not
P
paid for want of sufficient funds", to the date of redemption; shall
be consecutively numbered from R-1 upward; and shall be redeemed in
consecutive order, lowest numbers first, whenever there is suffi-
cient money in the Sidewalk Construction Fund No. 1, 1979 to redeem
one or more warrants.
ADOPTED AND APPROVED by the City Council of the City of Pasco,
Washington this . 3 day of December , 1979.
APPROVED AS TO FORM:
0M.UA-S, _ , ,
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De is J. De F lice,
City Attorney
Chet Bailie, Mayor
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