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