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1 398 RESOLUTION NO.
CITY OF PASCO, WASHINGTON
A RESOLUTION of the City of Pasco providing
for the issuance of Pasco Municipal Golf Course
Redevelopment Fund Warrants, Setting the rate of
interest for said interest being warrants, and
naming Peoples National Bank as the lending
institution.
WHEREAS, Ordinance 2111 created the Pasco Municipal
Golf Course Redevelopment Fund.
WHEREAS, Ordinance 2212 authorized the Issuance of
interest-bearing warrants drawn upon the Pasco Municipal Golf
Course Redevelopment Fund.
WHEREAS, Peoples National Bank has agreed to purchase
these warrants at 11% Interest and
WHEREAS, The City Council has now determined that the
Issuance of Interest bearing warrants to Peoples National Bank for
the contraction payments on the Pasco Municipal Golf Course
Redevelopment Project is in the best Interest of the City of
Pasco, NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ,
PASCO:
Section 1. Pursuant to the laws of the State of Washington
the City accepts the offer of Peoples National Bank
and shall issue interest bearing warrants as specified
herein and in Ordinances 2212 and 2111.
Section 2. The Revenue Warrants shall bear Interest
at the rate of 11% per annum.
Section 3. The Pasco Municipal Golf Course Redevelop-
ment Fund warrants shall be issued to Peoples National Bank at the
rate of interest specified herein.
Section 4. The Pasco Municipal Golf Course Redevelop-
ment Fund warrants shall be redeemed by the sale of general
obligation bonds and from any other moneys available to the City
to finance the Improvement.
PASSED by the City Council of the City of Pasco, Washington,
at an open public regular meeting thereof and authenticated by its
City Clerk this day of January, 1981.
AP:
P OVED AS TO FORM:
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Cit Attorit
Published
Recorded