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HomeMy WebLinkAbout2617 OrdinanceWells, City C erk bstel o C't day of July, 1986. ORDINANCE NO. 2617 AN ORDINANCE authorizing an interfund loan from the Stadium-Convention Center fund to the Golf Course Redevelopment fund. WHEREAS, on June 9, 1986 the City Council approved an agreement with J-U-B Engineers, Inc. to perform planning and engineering services for the golf course residential development and for a fee of $39,000.00, and an appraisal of the golf course residential area will be required to be performed at an undetermined cost; and WHEREAS, the golf course fund is without sufficient funding to pay for the costs of the planning, engineering and appraisal services required for the golf course residential development; and WHEREAS, the Stadium-Convention Center fund has sufficient surplus funds for lending and investment, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DO ORDAIN AS FOLLOWS: SECTION ONE. An interfund loan from the Stadium-Convention Center fund to the golf course fund, in an amount not to exceed $60,000.00, is hereby authorized. The actual amount of the loan shall be determined by the City Manager. SECTION TWO. The loan principle and accumulated interest will be repaid from the proceeds of the sale of the golf course residential property. Interest shall accrue at a rate equal to 75% of the average annual prime rate during the life of the loan. SECTION THREE. This ordinance shall become effective five days after passage and publication. PASSED by the City Council and approved by the Mayor this - ri-T,itg Berald P0 BOX 2608 PASCO, WASHINGTON 99302-2608 (509) 582-1500 LEGAL ADVERTISING INVOICE LEGAL NO 001024 DESCRIPTION ORD I NANC E NO 2617 TIMES O rn LINES 74 DATE 071186 ACCOUNT NO 5 0550 SOLD TO CAA. of Pasco P. O. Bo; 2Q3 Pa s c o Wa TOTAL $ Q9301 NOTICE This is an Invoice for legal advertising space Please pay from this Invoice as no statement will be rendered Please detach at perforation and return with payment - - - - ORDINANCE NO 2617 2, AN ORDINANCE autho- rizing an interfund loan :from the Stadium-Conven- ollon Center fund to the Golf ,Course Redevelopment hfund WHEREAS on June 9 0986 the City Council ap- proved an agreement with J-U-p Engineers Inc to , perform planning and engi- neering services for the golf course residential devel- opment and for a fee of ! 439 0130 00 and an ap-1 I ,praisal of the golf course !presidential area will be re- L iquIred to be performed at losn undetermined cost and I, WHEREAS the golf !'-course fund is without suffl- ' sient funding to pay for the 1, costs of the planning engi- neering and appraisal eery- Aces required for the golf p,,course residential devel- opment and • WHEREAS The Sta- 'Alum Convention Center fund has sufficient surplus funds for lending and in- vestment, NOW THEREFORE THE CITY COUNCIL OF THE CITY OF PASCO WASHINGTON DO OR- DAIN AS FOLLOWS ,----SECTION ONE An inter- fund loan from the Stadium- ' Convention Center fund to The golf course fund, in an iffernount not to exceed "$60 000 00 is hereby au- vihorized The actual mount of the loan shall be "Irfetermined by the City ','"iVianager SECTION TWO The loan principle and accumu- /gated interest will be repaid Iti,Jrom the proceeds of the sale of the golf course resi- dential property Interest ,shall accrue at a rate equal 16 75% of the average an- . nual prime rate during the of the loan SECTION THREE This ,ordinance shall become ef- fective five days after pas- sage and publication ii.PASSED by the City Council and approved by -the Mayor this 7 day of July ▪ -s-Joe W Jackson k,Mayor wATTEST • -s-Evelyn Wells, , *City Clerk -APPROVED AS TO FORM •t-s-Greg A Rubstello, eCity Attorney 'LEGAL NO 001024 - i."July 11, 1966 AFFIDAVIT OF PUBLICATION COUNTY OF BENTON SS STATE OF WASHINGTON , being duly sworn, deposes and says, I am the Legal Clerk of the Tr-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 hereinafter referred to, published countinually as a daily newspa- per in Benton County, Washington That the attached is a true (AD I NAME NO. .2617 copy of a as it was printed in the regular and entire issue of the Tr-City Herald itself and not in a supplement thereof, 001 time(s), 8 commencing on n7116 - , and ending on 071186 , and that said newspaper was regulary distributed to its subscribers during all of this period 1)7 arA SUBSCRIBED AND SWORN BEFORE ME THIS /3-771 DAY OF J7i / Notary public in and for the State of Wash- ington, residing at Kennewick COMMISSION EXPIRES <=,2 — 76. MARY JO HENRY July 8, 1986 Tri City Herald P.O. Box 2608 Pasco, Washington 99302 Attn: Rochelle Dear Rochelle: Please publish summary of Ordinance No. 2610 on July 13, 1986. Please send two (2) Affidavits of Publication. We need Ordinance Nos. 2614, 2615, 2616 and 2617 published on July 11, 1986. These, too, will need two (2) Affidavits of Publication for each. Sincere yours, Evelyn Wells City Clerk ew