HomeMy WebLinkAboutRES 2654 CITY. OF RENTON,WASHINGTON
RESOLUTION NO. 2654
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 $535,685 from the Current
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 No. 326. 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 this28thday of July, 1986.
Marilyn etersen, Deputy City Clerk
APPROVED BY THE MAYOR this 28th day of July, 1986 .
Barbara Y. Shinpoc , Mayor
Approved as to form:
a rence . W r en, City Attorney