HomeMy WebLinkAboutRES 2638 CITY OF RENTON, WASHINGTON
RESOLUTION N0. 2638
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON,
AUTHORIZING BORROWING OF FUNDS
WHEREAS it is necessary and advisable and in the public interest to
provide for the borrowing of certain funds pending receipt of outside
reimbursements due the City, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO RESOLVE AS
FOLLOWS:
SECTION I: The Director of Finance is hereby authorized and directed
to borrow the sum, not to exceed $61,000.00, from the Insurance Fund, bearing
the prevailing rate of interest received by other City investments at the time
of such borrowing, and such sum to be allocated unto Local Improvement
District #331. Said loan from the aforementioned fund shall be repaid from
the proceeds of the bonds to be issued after completion of the project.
PASSED BY THE CITY COUNCIL this loth day of March, 1986.
6.
Maxine E. Motor, City Clerk
APPROVED BY THE MAYOR this loth day of March, 1986.
iwjoanw .SR
Barbara Y. Sh epoch, M yor
Approved as to form:
4
Lawrence J. WarW, City Attorney