1162 - Resolution - Issuance of Registered WarrantsRESOLUTION NO.
1162. IV/ /
A RESOLUTION OF THE CITY OF PORT ORCHARD
AUTHORIZING THE ISSUANCE,OF REGISTERED
WARRANTS IN THE AMOUNT OF.$100,000.00 AND
$.621800.00 TO KITSAP COUNTY BANK FROM ANY
MONIES IN THE WATER CONSTRUCTION FUND,
1975 AND SEARING INTEREST AT THE RATE OF
5h% PER ANNUM.
BE IT RESOLVED by the Council of the City of
Port Orchard, Washington as follows:
THAT;.the need exists for interim financing,
approximately 60 days ($62,800), until State Grant
funds are available upon completion of project, and
$100,000.00 until investment matures on November 1, 1976.
THEREFORE; the Clerk of the City of Port Orchard,
is hereby authorized to draw interest bearing warrants
511% from the Water Construction Fund, 1975 in the amounts
heretofor stated to the Kitsap County Bank to fund constr-
uction expenditures.,
DATED this *2th day of October, 1976.
f
Paul D. Powers, Jr., Mayor