1155 - Resolution - Issuance of Registered WarrantA RESOLUTION OF THE CITY OF PORT ORCHARD
.AUTHORIZING THE ISSUANCE OF A REGISTERED
WARRANT -IN THE AMOUNT OF $112,600.00, TO
KITSA~P COUNTY BANK FROM ANY MONIES IN.THE
WATERCONSTRUCTION FUND - 1975.AND BEARING
INTEREST AT THE RATE OF 53�$ PER ANNUM
BE IT RESOLVED by the Council of the City of Port Orchard
Washington as follows:
THAT; as construction progress payments to KETA Con-
struction Company are ahead of schedule, the need exists for
interim financing, approximately 30 days, until investments
of the Water Construction Fund - 1975 mature. Said invest-
ments bear interest at the rate of 6 3/8% per ann.um.
THEREFORE; the Clerk of the City of Port Orchard is
hereby authorized to draw an interest bearing warrant@ 53�% fruit
the Water Construction Fund- 1975 in the amount of $11J2,600.00
to the Kitsap County Bank to fund Progress Payment No. 4 to
KETA Construction Company and retainer amount to Keta Construe=
tion Company and Everett Federal Savings and Loan Association.
DATED this 12th day of April, 1916.
c /L zz-
AUL D. POWERS, JR., 4qayor
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