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Home My WebLink About2991 OrdinanceORDINANCE NO. a9 9/ AN ORDINANCE concerning an interfund loan interest rate and amending Ordinance 2779 WHEREAS, by Ordinance 2779 passed by the City Council on May 21, 1990, the City Council approved an interfund loan to the Sun Willows Development Fund from the Equipment Rental Reserve Fund and the Stadium/Convention Center Fund, and WHEREAS, said Ordinance further required an interest rate of 8% per annum to be paid during the term of the loan, and WHEREAS, since the passage of Ordinance 2779 market interest rates have declined and the State Auditor's Office has advised the City Finance Director that the City may lower such interest rates to more reasonably reflect current market conditions, now, therefore, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DOES ORDAIN AS FOLLOWS §1. Ordinance No 2779 passed by the City Council on May 21, 1990, is hereby amended by the following change to Section 2 shown below (additions by underlining and deletions by interdelineation) as follows 2 The term of the loan shall be for a period of seven years and have an interest rate of eight three and one half percent per annum §2. In all other respects Ordinance No 2779 shall remain in full force and effect §3. This Ordinance shall take effect February 1, 1994 Passed by the City Council of the City of Pasco, at a regular meeting this 18th day of January, 1994 't Ordinance No (:)99' j Page 1 G RUBSTELLO City of Pasco. Mayor fra-kol ATTEST: APPROVED AS TO FORM: CATHERINE D SEAMAN Deputy City Clerk Ci y At orney Ordinance No ,c"A c)\\ Page 2 CO ' TCV _PO BOX 2608 PASCO WASHINGTON 99302 2608 PHONE(509) 582 1500 LEM& ADVEOTOZOG INVOICE SOLD TO PASCO, CITY OF LEGALS P.O. BOX 293 PASCO WA 99301 DATE 01/23/94 LEGAL NO #194 ACCOUNT NO 50550 DESCRIPTION LEGAL #194/ ORE' #2991 TIMES 001 INCHES 9 „ TOTAL 41 NOTOGIE 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 AFRDAKT OF PagE3111CAY'1100 COUNTY OF BENTON SS STATE OF WASHINGTON g6friaggi JAN 27 1994 INNIANCE. DEPT. Carole Mcisenzie , 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 copy of a I FGAL #1q4 /ORD #P991 as it was printed in the regular and entire issue of the Tr-City Herald itself and not in a supplement thereof, 1 time(s), commencing on 01 /P7/qq__ , and ending on nI/P 7,7•941 , and that said newspaper was regulary distributed to its subscribers during all of this period C0`k V\ 1*--,2-1 SUBSCRIBED AND SWORN BEFORE ME THIS DAY OF , 0ev-t- • 4/..„2A _eidee 7/ Notary public in and for the State of Wash- ington, residing at Pasco WA COMMISSION EXPIRES 2 7,S-1 ORDINANCE NO 2991 AN ORDINANCE concerning an interfund loan interest rate and amending Ordinance 2779 WHEREAS by Ordinance 2779 passed by the City Council on May 21 1990 the City Council approved an in terfund loan to the Sun Wil lows Development Fund from the Equipment Rental Re serve Fund and the Stadi um/Convention Center Fund and WHEREAS said Ordinance further required an interest rate of 8% per annum to be paid during the term of the loan and WHEREAS sim-e the pas- sage of Ordinance 2779 mar- ket interest rates have de- clined and the State Auditor's Office has advised the City Fi- nance Director that the City may lower such interest rates to more reasonably reflect current market conditions now therefore THE CITY COUNCIL OF THE CITY OF PASCO WASHINGTON DOES OR DAIN AS FOLLOWS §1 Ordinance No 2779 passed by the City Council on May 21 1990 is hereby amended by the following change to Section 2 shown below (additions by underlin ing and deletions by interde lineation) as follows 2 The term of the loan shall be for a penod of seven years and have an interest rate of three and one half percent per annum §2 In all other respects Ordi- nance No 2779 shall remain in full force and effect §3 This Ordinance shall take effect February 1 1994 Passed by the City Council of the City of Pasco at a regular meeting this 18th day of Jan- uary 1994 City of Pasco s Charles D Kilbury Mayor Pro-tom Attest -s- Catherine ID Seaman Deputy City Clerk Approved As To Form -s- Greg A Rubstello City Attorhey L. #194 1/23/94 AGENDA REPORT FOR City Council 1 TO Gary Crutchfiel FROM Dan Underwood, Finance Director SUBJECT REDUCING INTEREST ON INTERFUND LOANS I REFERENCE(S) 1 Copy of original Ordinance No 2779 2 Amending Ordinance ll ACTION REQUESTED OF COUNCIL/STAFF RECOMMENDATIONS 1/10/94 DISCUSSION 1/18/94 MOTION I move to adopt Ordinance No , amending Ordinance No 2779 by reducing the rate of interest from eight percent per annum to three and one-half percent per annum III HISTORY AND FACTS BRIEF On May 21, 1990 council adopted Ordinance No 2779 authorizing interfund loans from the Equipment Rental Reserve Fund and the Stadium/Convention Center Fund to the Sun Willows Development Fund for the purpose of financing the Phase I street utility improvements at The Village at Sun Willows Residential Development The interest rate was established at eight percent per annum, which was commensurate with investment rates available to the lending funds at the time During the last three years interest rate have steadily decreased, the current investment rate available through the State Treasurer's Investment Pool is three and one-quarter percent The State Auditor's Office was contacted to determine if it was possible to "refinance" these loans A new interest rate may be established as long as it is reasonable IV FISCAL IMPACT Over the remaining term of the loans the reduction of the interest rate will save the Sun Willows Development Fund $47,464 40 If money is not available in the Sun Willows Development Fund the General Fund makes up the difference V DISCUSSION In discussions with representatives from the State Auditor's Office it has been determined that three and one-half percent is a reasonable interest rate considering the current economy VI OTHER COMMENTS None i DATE 1/5/94 anger WORKSHOP 1/10/94 REGULAR 1/18/94 J/E JACKS N, Ma y or ORDINANCE NO. c:7, '2'79 AN ORDINANCE authorizin g an interfund loan for financin g Phase I street and utilit y improvements at The Villa g e at Sun Willows Residential Development. THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. An interfund loan to the Sun Willows Development Fund of an amount not exceedin g $550,000 is hereb y authorized from the E quipment Rental Reserve Fund (sixt y percent of amount borrowed) and the Stadium/Convention Center Fund (fort y percent of amount borrowed) for the purpose of financin g the Phase I street and utilit y improvements at The Villa g e at Sun Willows Residential Development. Section 2. The term of the loan shall be for a period of seven y ears and have an interest rate of ei g ht percent per annum. Section 3. This Ordinance shall take effect five (5) da y s after passa g e and publication. PASSED b y the Cit y Council and APPROVED b y the Ma y or this 21st da y of Ma y , 1990. ATT APPROVED AS TO FORM: a• I, VETNN-WELLS, Cit y Clerk spelipb GREG A.4CBST LLO, Cit y Attorney ORDINANCE NO AN ORDINANCE concerning an interfund loan interest rate and amending Ordinance 2779 WHEREAS, by Ordinance 2779 passed by the City Council on May 21, 1990, the City Council approved an interfund loan to the Sun Willows Development Fund from the Equipment Rental Reserve Fund and the Stadium/Convention Center Fund, and WHEREAS, said Ordinance further required an interest rate of 8% per annum to be paid during the term of the loan, and WHEREAS, since the passage of Ordinance 2779 market interest rates have declined and the State Auditor's Office has advised the City Finance Director that the City may lower such interest rates to more reasonably reflect current market conditions, now, therefore, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DOES ORDAIN AS FOLLOWS §I. Ordinance No 2779 passed by the City Council on May 21, 1990, is hereby amended by the following change to Section 2 shown below (additions by underlining and deletions by interdelineation) as follows 2 The term of the loan shall be for a period of seven years and have an interest rate of eight three and one half percent per annum §2. In all other respects Ordinance No 2779 shall remain in full force and effect §3. This Ordinance shall take effect February 1, 1994 Passed by the City Council of the City of Pasco, at a regular meeting this 18th day of January, 1994 Ordinance No Page 1 City of Pasco. JOYCE DEFELICE Mayor ATTEST. APPROVED AS TO FORM CATHERINE D SEAMAN GREG A RUBSTELLO Deputy City Clerk City Attorney Ordinance No. Page 2