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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 4