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HomeMy WebLinkAboutRES 2664 CITY OF RENTON RESOLUTION NO. 2664 A RESOLUTION OF THE CITY OF RENTON, WASHINGTON AUTHORIZING THE 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 1: The Director of Finance is hereby authorized and directed to borrow the sum, not to exceed $12,200, 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. 313. 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 8th Day of December, 1986. Maxine E. Motor, City Clerk APPROVED BY THE MAYOR this 8th day of December, 1986. ch. Barbara Y. Shinpoch,Mayor Approved as to form: Lawrence J. Warren, Qjh Attorney