HomeMy WebLinkAbout1756 Resolution2
RESOLUTION NO. 1756
RESOLUTION To authorize the inter-fund loan from the Fire
Pension Fund to the Golf Course Fund to finance the construction
of a new pro shop and expanded and remodeled club house.
WHEREAS, city staff has proposed to and received approval
from the Fire Pension Fund Board of a loan, from the Fire Pension
Fund to the Golf Course Fund, to finance the construction of a
new pro shop and an expanded and remodeled club house; and
WHEREAS, The terms approved by the Fire Pension Board
allow a payment schedule that appears to be within the ability of
the golf course operating revenue to meet the debt service
requirement; and
WHEREAS, An inter-fund loan will negate the necessity for
an issue of taxable revenue bonds to finance the improvements and
the associated costs related thereto, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. Authorization is hereby given for an
inter-fund loan from the Fire Pension Fund to the Golf Course
Fund, as follows:
Maximum Loan Amount: $270,000
Maximum Term: 15 years
Interest Rate: 8% (fixed)
Consistent with the above, the actual payment schedule may be
negotiated by City staff with the Fire Pension Fund Board.
PASSED This 6th day of October, 1986.
APP 0 ED AS TO FORM:
GREG UBSTELLO, City Attorney
-