HomeMy WebLinkAbout553RESOLUTION NO.
~ WHEREAS, the CITY OF KENT, a municipal corporation of
2 the State of Washingto~ desires to transfer as a loan certain
3 money from the Water Revenue Fund to the Current Expense Fund
' for payment of current expenses of the City of Kent and due to
6 unforeseen depletion of said latter fund, and
6 WHEREAS, said money is to be borrowed by the Current
' Expense Fund for the purpose of paying necessary expenditures
8 therefor during the period that receipt of funds sufficient to
9 operate and maintain said Current Expense Fund is awaited, NOW
10 THEREFORE, be it
11 RESOLVED, by the City Council of the City of Kent,
12 Washington, in regular meeting assembled that the City Clerk and
13 the City Treasurer of the City of Kent be authorized, empowered
14 and instructed, and they are hereby so ordered, to transfer from
16 the Water Revenue Fund to the Current Expense Fund for payment of
16 necessary expenditures under said latter fund, the sum of TWENTY-
17 FIVE THOUSAND and no/100 ($25,000.00) DOLLARS; and be it further
18 RESOLVED, that said City Clerk and City Treasurer be
19 further ordered to transfer back to the Water Revenue Fund, from
20 the Current Expense Fund, the monies so borrowed, plus a reasonabl
21 rate of interest on said sum borrowed of 4% per annum on the
22 diminishing principal amount due and owing on said loan, whenever
23 there is sufficient monies in said Current Expense Fund to repay
24 the money, plus interest as aforesaid, so borrowed.
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Attest:
PASSED by the City Council ~
~XTHORNTON,MAYOR
1966.