HomeMy WebLinkAbout2548 OrdinanceRubstello, City Attorney
T FO
Eve yn e is, City Clerk
AT
SECTION THREE. This ordinance shall take effect five
(5) days after passage and publication.
PASSED this 6, day Me;
Mhillk4.•&,L )
W. Jason Mayor *II
ORDINANCE NO. 2548
AN ORDINANCE authorizing interfund borrowing and
authorizing the issuance of interest bearing warrants for the
interim financing of LID 119 improvements.
WHEREAS, the City Council has authorized by ordinance the
creation of Local Improvement District No. 119 and the creation
of the LID 119 fund; and
WHEREAS, the LID 119 fund is without sufficient funds to
pay the interim costs of the improvements until the issuance of
bonds after the project improvements are completed; and
WHEREAS, the City water/sewer fund, city fund No. 410 has
sufficient fund for investment and the investment of those funds
will not otherwise jeopardize the fiscal integrity of the fund;
and
WHEREAS, interfund borrowing by the LID 119 fund from
the water/sewer fund will prove cost efficient and prudent to the
City as a means of interim financing of the LID 119 project
improvements, now, therefore,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DO
ORDAIN AS FOLLOWS:
SECTION ONE. Interfund borrowing not to exceed one
hundred sixty eight thousand dollars ($168,000.00) from the city
water/sewer fund by the LID 119 fund for the interim financing of
LID 119 project costs is hereby authorized through the issuance
of interest bearing warrants authorized in Section Two of this
Ordinance.
SECTION TWO. The City Finance Director is hereby
authorized, from time to time and as necessary to pay LID 119
project costs, to issue interest bearing warrants in an amount
not to exceed $168,000.00 with an annual interest rate of 8.93%,
obligating the LID No. 119 fund and made payable to the city
water/sewer fund.
4 --ORDINANCE NO 2548 i
AN ORDINANCE autho-
rizing interfund borrowing
and authorizing the issu
ance of interest bearing
warrants for the interim fi-
nancing of LID 119 im
provements
WHEREAS the City
Council has authorized by
ordina4ice the creation of
Local mprovement District',
No 119 and the creation of
the LID 119 fund and
WHEREAS the LID 119 1
fund it without sufficient
funds to pay the interim
costs of the improvements
until the issuance of bonds
after the project im-
provements are completed
and
WHEREAS the City wa
ter/sewer fund city fund
No 410 has sufficient fund
for investment and the in
vestment of those funds will
not otherwise jeopardize
the fiscal integrity of the
fund and
WHEREAS interfund
borrowing by the LID 119
fund from the water/sewer
fund will prove cost efficient
and prudent to the City as a
means of interim financing
of the LID 119 project im-
provements, now there
tom
THE CITY COUNCIL OF
THE CITY OF PASCO
WASHINGTON DO OR
DAIN AS FOLLOWS
SECTION ONE Inter
fund borrowing not to ex
ceed one hundred sixty
eight thousand dollars
($168 000 00) from the city
water/sewer fund by the
LID 119 fund for the interim
financing of LID 119 project,
costs is hereby authohzed1
through me issuance Of in-
terest bearing warrants au 1
thorized in_Section Two ofi
this Ordinance
SECTION TWO Thej
City Finance Director isl
hereby authorized from
time to time and as nec
essary to pay LID 119 pro- 0-..
ject costs to issue interest
bearing warrants in an Nota
amount not to exceed,
$168 000 00 with an annual
interest rate of 8 93% obli-
gating the LID No 119 fund
and made payable to the
city water/sewer fund
SECTION THREE This
ordinance shall take effect
five (5) days after passage
and publication
PASSED this 6 day of
May 1985
-s-Joe W Jackson
1 Mayor
ATTEST
City Clerk
APPROVED AS TO FORM
City Attorney
LEGAL NO 19017 -
May 10, 1985 _
Greg A Rubstello
s-Evelyn Wells
AFFIDAVIT OF PUBLICATION
COUNTY OF
Benton
)ss
STATE OF WASHINGTON
JoEllen Ward , being first duly sworn on oath deposes
and says she isthePrX ncipal clerk of the Tn-City Herald,
a daily newspaper That said newspaper is a legal newspaper and has been approved as a
legal newspaper by order of the superior court in the county in which it is published and it
is now and has been for more than six months prior to the date of the publication here
inafter referred to, published in the English language continually as a daily newspaper in
Benton County,
Washington, and is now and during all of said time was printed in an office maintained at
the aforesaid place of publication of said newspaper That the annexed is a true copy of a
legal ad "Ord. #2548"
as it was printed in the regular and entire issue of th7fri City Herald itself and not in a
supplement thereof, for a period of On e. Times, commencing
on the 10th day of May , 19 8 , and
ending on the 10th day of May , 1985 , and that said newspaper was regularly distributed to its subscribers during all of this period
That the Total amount is $ 55 .1 3
7* inches @ $7.35 = $55.13
Subscribed and sworn to before me this 10th
day of May , 19 8,5
:ic roo ,-
Public in and for the State of Washington, residing at Pasco
FINANCE DEPARTMENT
(5091 M5-348I
Sean 726-3401
Sin yours,
P 0. BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301
May 7, 1985
In City Herald
P.O. Box 2608
Pasco, Washington 99302
Attn: Rochelle
Dear Rochelle:
Attached are copies of Ordinance Nos. 2548 and 2549 which we
would like published on the following date'
May 10, 1985
Please send two (2) Affidavits of Publication for each.
velyn Wells
City Clerk
ew
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