HomeMy WebLinkAbout4132 Resolution - Extension of Marina Fund Loan RESOLUTION NO. 4132
A RESOLUTION OF THE CITY OF PASCO, WASHINGTON
AMENDING INTERFUND LOAN FROM THE GENERAL FUND TO MARINA
FUND AUTHORIZED BY RESOLUTION 3922.
WHEREAS,the City Council authorized a loan of$450,000 from General to Marina Fund
on December 2, 2019; and
WHEREAS, the City Council extended the loan terms by 12 months on loan of$450,000
from General to Marina Fund on December 7, 2020; and
WHEREAS, the General Fund has funds available for interim borrowing, and the Marina
Fund is awaiting insurance payout for damages incurred on the site; and
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 General Fund to the Marina Fund and to provide for the
repayment thereof.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PASCO,WASHINGTON that:
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 funds
as follows:
a. Extend the term of the original loan by one year due to delay in receipt of
insurance for damages on the site.
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. Repayment is due as of November 30,2022. The interest rate is 3.9 percent.
Be It Further Resolved,that this Resolution shall be in full force and effect upon adoption.
Resolution—Amending Interfund Loan from
General Fund to Marina Fund- 1
PASSED by the City Council of the City of Pasco, Washington this 6�` day of December,
2021.
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Sa artinez
Mayor
ATTEST: APPROVED AS TO FORM:
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Debra Barham, CMC err ergu w, PLLC
City Clerk City rney
Resolution—Amending Interfund Loan from
General Fund to Marina Fund-2