HomeMy WebLinkAbout4019 Resolution - Intrafund Loan Extension Water to PWRFRESOLUTION NO. 4019
A RESOLUTION AUTHORIZING INTRAFUND LOAN
AMENDMENT FROM THE WATER UTILITY TO THE PWRF
UTILITY.
WHEREAS, the City Council of the City of Pasco has found that it is in the best
interest of the City to lend funds from the Water Utility Service to the PWRF Utility Service
and to provide for the repayment thereof, and
NOW, THEREFORE, THE CITY OF PASCO, WASHINGTON HEREBY
RESOLVES AS FOLLOWS:
1. Authorization for amendment of loan. The Finance Director of the City of Pasco is
hereby authorized and directed to make the following loans from the City of Pasco
funds as follows:
a. Extend the term of the original loan from the Water utility to the PWRF utility
by one year due to delay in receipt of grant funding.
2. Terms and Memorialization. The effective dates of the loan shall be as listed below.
This resolution shall constitute memorialization of the loan and term.
a. Disbursement is authorized as of December 1, 2019 and repayment is due no later
thanNovember 30, 2021. The interest rate is 3.9 percent.
PASSED by the City Council of the City of Pasco, Washington, this 7th day of
December 2020.
Saul Martinez
Mayor
ATTEST:
Debra Barham, CMC
City Clerk
Resolution — Intrafund Loan Ext Water to PWRF - 1
APPROVED AS TO FORM: