HomeMy WebLinkAbout744RESOLUTION NO. 1#
A RESOLUTION of the City of Kent, Wash-
ington, authorizing the City Treasurer to
borrow from the Current Expense Fund to pay
interest on Library General Obligation Bonds
and from the City Hall Construction Fund to
pay principal and interest on General Obliga-
tion Bonds.
WHEREAS, the real property tax collections have fallen
behind the anticipated collection schedule, and
WHEREAS, the excess levy General Obligation Bonds
issued for the Kent Library and Kent City Hall are payable on
May 1st and May 4, 1973, NOW, THEREFORE, BE IT HEREBY
RESOLVED by the Kent City Council that the City
Treasurer be and she hereby is directed to borrow SEVEN THOUSAND
(7,000} DOLLARS from the Current Expense Fund to pay Library
General Obligation Bond interest, and it is further
RESOLVED by the Kent City Council that the City
Treasurer be and she hereby is directed to borrow TWENTY-FIVE
THOUSAND (25,000) DOLLARS from the City Hall Construction Fund
to pay General Obligation Bond principal and interest, and it
is further
RESOLVED that the period of the loans shall not exceed
ninety (90} days and that the appropriate fund will pay interest
at 5% on the borrowed amounts.
PASSED at a regular City Council Meeting this 7th day
of May, 1973.
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ATTEST:
A ~OVED AS TO FORM:
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7 ~! hereby certify that this is a true copy of
No. ~ , passed by the City Council of the City
Washington, the 7 day of kTI , 1973.
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Resolution
of Kent,
(SEAL)