HomeMy WebLinkAbout2348 ResolutionRESOLUTION NO. 2348
A RESOLUTION establishing the terms and conditions for the inter-fund loan
originally authorized by Ordinance No 3122 on December 18,
1995 in the amount of $500,000 from the General Fund to the
Stadium and Convention Center Fund for the purpose of
constructing a baseball stadium
WHEREAS, the City Council of the City of Pasco, pursuant to RCW 35 33 121,
found that it was in the best interest of the City to authorize a loan from the General Fund to
the Stadium and Convention Center Fund in the amount of $500,000 for the purpose of
paying for the construction costs of a minor league baseball stadium, and
WHEREAS, the City Council authorized such loan as part of Ordinance No 3122
on December 18, 1997, and
WHEREAS, it is necessary to memormhze the terms and conditions of any inter-
fund loan, and
WHEREAS, no terms were established at the time the loan was authorized, NOW
THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON,
DO RESOLVE AS FOLLOWS:
1. Terms and Memorialization. The effective date of the loan shall be
December 18, 1995 and such loan shall be due and payable 60 months thereafter Such
loan shall bear no interest and may be extended for such 1 year terms as may be deemed
necessary for the repayment of such loan This resolution shall constitute memonahzation
of the loan and its terms
PASSED by the City Council of the City of Pasco, Washington, this 1st day of
December, 1997 SIGNED in authentication of its passage this 1st day of December, 1997
ATTEST:
Catherine D Seaman, Deputy City Clerk
APPROVED AS TO FORM:
Leland B Kerr, City Attorney