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HomeMy WebLinkAbout2064 ResolutionCI A RUB STELLO rney CATHERINE D SEAMAN Deputy City Clerk ATTEST APP VED AO FO RESOLUTION NO. 2064 A RESOLUTION authorizing an inteifund loan for the interim financing of improvements to the Senior Citizens' Center and the Pasco Civic Center (remodel of old McLoughlin School). WHEREAS, voter approval was obtained for a special property tax levy to pay for certain improvements to the Pasco Senior Center and for the remodel of the old McLoughlin Jr High School to a new Civic Center, but intenm financing is needed to pay for preconstruction costs for the Civic Center improvement and costs associated with the Senior Center remodel until sufficient tax payments are made and receipted, Now, Therefore, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DOES RESOLVE AS FOLLOWS: An interfund loan for the interim financing of costs relating to the improvement of the Pasco Senior Center and the remodel of the old McLoughlin Jr High School to a new Civic Center, is hereby authonzed in the following amounts $400,000 00 from the City's General Fund and $400,000 00 from the Equipment Replacement Fund The term of the loan shall be through December 1993, and interest shall accrue on the borrowed principal at the rate of 3 4% until repaid The borrowed funds shall go to the Pasco Civic Center Construction Fund PASSED by the City Council of the City of Pasco, at its regular meeting of Marc11993