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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: