HomeMy WebLinkAbout3923 ResolutionRESOLUTION NO. 3923
A RESOLUTION AUTHORIZING INTRAFUND LOANS FROM THE
WATER UTILITY TO OTHER UTILITITES.
WHEREAS, the City Council of the City of Pasco has, pursuant to RCW 35.33.121,
found that it is in the best interest of the City to lend funds between various utilities and to
provide for the repayment thereof, and
NOW, THEREFORE, THE CITY OF PASCO, WASHINGTON, HEREBY
RESOLVES AS FOLLOWS:
1. Authorization for loans. The Finance Director of the City of Pasco is hereby
authorized and directed to make the following loans from the City of Pasco Utility Fund
as follows:
(A) From the Water Utility to the Irrigation Utility in the amount of $815,000 to
provide financing for various capital improvement projects.
(B) From the Water Utility to the Process Water Reuse Facility Utility in the amount
of $5,200,000 to provide financing for various capital improvement projects.
2. Terms and Memorialization. The effective dates of the loan shall be as listed below.
This resolution shall constitute memorialization of theloan and term.
(A) Disbursement is authorized as of January 1, 2020 and repayment is due as of January
1, 2025. The interest rate is 3.9 percent.
(B) Disbursement is authorized as of December 1, 2019 and repayment is due as of
November 30, 2020. The interest rate is 3.9 percent.
PASSED by the City Council of the City of Pasco, Washington, this 2nd day of
December 2019.
Matt Watkins
Mayor
ATTEST:
IA,'- 6A"' -L"
Deb arham
City Clerk
APPROVED AS TO FORM:
Kerr F on Law, PLLC
C' ttorney