HomeMy WebLinkAbout4018 Resolution - Interfund Loan Extension GF to MarinaRESOLUTION NO. 4018
A RESOLUTION AUTHORIZING INTERFUND LOAN
AMENDMENT FROM THE GENERAL FUND TO MARINA FUND
AUTHORIZED BY RESOLUTION 3922.
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 from the General Fund to the Marina
Fund 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 loan amendment from the City
of Pasco funds as follows:
a. Extend the term of the original loan by one year due to financial impacts
during the 2020 fiscal year.
2. Terms and Memorialization. The effective dates of the loans shall be as listed
below. This resolution shall constitute memorialization of these loans and their
terms.
a. Disbursement is authorized as of December 1, 2019 and repayment is due
as of December 1, 2020 and December 1, 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:
1'& -
Debra Barham, CMC
City Clerk
Resolution — Interfund Loan Ext GF to Marina - 1
APPROVED AS TO FORM:
KerrFer w, LC
City orney