HomeMy WebLinkAboutR-0800 - Authorizing the city administrator and city treasurer to periodically borrow monies for payments on the State Avenue U.A.B. Project•<-t'".......
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RESOLUTION NO.fjCJ)
and also administering
State Avenue,commonlywidening,
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WHEREAS,'theCi ty is
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A RESOLUTION OF THE CITY OF MARYSVILLE
AUTHORIZING THE CITY ADMINISTRATOR AND
CITY TREASURER TO PERIODICALLY BORROW
'MONIES FOR PAYMENTS ON THE STATE AVENUE
U.A. B.PROJECT.'
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known as State Avenue -U.A.B.
the County of Snohomish portion;and
WHEREAS,there are matching monies from the State
which will not be received until after completion of the project
and after the s tate audit,and also,theCi ty will be receiving
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the e±t:r's share in the future;and
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WHEREA~,the City is required to place funds owed the
contractor,including retainage,into a savings account on behalf
of the contractor;and
WHEREAS,this situation has created a temporary shortage
of funds,
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF MARYSVILLE as follows:
,Sec'tron 1.The City Treasurer and the City Administrator
shall be and they are hereby authorized to borrow from time to time
from Seattle First National BankJ MaJx.s~.illeBranch,up to an
aggregate amount of $100,000.00 ,1~ifuJ't "fa exceed 6%,with repayment
from the State of Washington and/or the County of Snohomish share
of financing of the State Avenue-U.A.B.Project.
Section:2.The City Treasurer and the City Administrator
shall borrow such monies when in fact there is a present due and
owing obligation to the Contractor of the State Avenue-U.A.B.Project
from the State's share and/or t.he County's share and the C'it.y has
not yet received these funds from the State and/or County;and
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further,upon receipt of these funds,they shall immediately cause
to be repaid the perio,*"loans.
ADOPTED by the City Council of the City of Marysville,
Washington,this L day of October',1973.
CITY OF MARYSVILLE
ATTEST:
City C1er
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