HomeMy WebLinkAbout1706 ResolutionApproved this C of January, 1986.
AT
APP
. Rubstello, City Attorney
RESOLUTION NO. 1706
A RESOLUTION authorizing the issuance of a note to the
Fire Pension Fund for long term financing of LID 119.
WHEREAS, financing of LID 119 with funds borrowed from a
City fund will reduce the total cost of the Local Improvement
District by eliminating bond underwriting costs and the legal
fees associated therewith; and
WHEREAS, at its September 27, 1985 meeting, the City Fire
Pension Board approved a motion to invest up to $160,000.00 of
funds from the City Fire Pension Fund to finance LID 119 for a
term of up to twelve (12) years at ten percent (10%) annual
interest; and
WHEREAS, the investment of Fire Pension Funds for LID 119
financing is in the mutual interest of the fund and the City,
Now, Therefore,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO
RESOLVE AS FOLLOWS:
Approval is hereby given for the issuance of a note or
interest bearing warrant to the Fire Pension Fund in the amount
of $148,707.44, bearing interest at an annual rate of 10%,
twelve year maturity with annual interest payments coming due
each February 1.
MINUTES
FIRE PENSION FUND
SPECIAL MEETING SEPTEMBER 27, 1985
CALL TO ORDER:
Special meeting called to order at 8:40 A.M. by Acting Chairman, Jerry
Conner.
MEMBERS PRESENT:
Members present were: Harvey Swoboda, Mike Rowe, Evelyn Wells and Jerry Conner.
OLD BUSINESS:
Jerry Conner distributed Operation of Cash Report for 8/1/85 through
8/31/85. Hearing no objections, report considered correct, as presented.
NEW BUSINESS:
Jerry Conner asked Board if they might be receptive to purchasing a small
LID (Court Street - from Rd. 32 to Rd. 36) in approximate amount of $160,000.
Considering the fact that LID's are a safe investment and backed by LID
Guaranty Fund, he felt this would be a good investment at a "locked-in"
interest rate.
Discussion ensued on present investments and their rate of return. Due to
fluctuating market, board members wondered if we should consider reducing our
mutual funds outlay. This will be discussed further.
Mike Rowe questioned legality of Old Fire Pension Fund loaning the City
money to purchase needed fire equipment' It was determined this could be
an alternative to ease tight budget constraints, yet being able to purchase
equipment now. He stated that our present pumper was over 30-years old
and wasn't even fire rated.
Harvey Swoboda moved to purchase L.I.D. No. 119 (Court Street from Rd. 32
to Rd. 36) in the approximate amount of $160,000 at an interest rate of
10%. Seconded by Jerry Conner. Motion carried.
MISCELLANEOUS:
The Secretary was directed to write Jim McLeod, advising him to send
his statements from United Pacific to us for payment of balance.
ADJOURNMENT:
No further business, meeting adjourned at 9 45 A.
‹mtt
r4-itgc.
Secretary