1311RECITALS:
RESOLUTION NO.1311
A RESOLUTION ESTABLISHING A NEW L.I.D.FUND FOR THE CLOVER
DRIVE IMPROVEMENT AND AUTHORIZING THE FINANCE DIRECTOR TO
SOLICIT TEMPORARY FINANCING DURING ENGINEERING AND CONSTRUCTION.
1.The Moses Lake City Council authorized the staff to prepare an ordinance
establishing an L.I.D.to improve Clover Drive at its meeting on February
24th,1987.
2.An individual fund is necessary for each L.I.D.and temporary financing
is necessary until actual L.I.D.Bonds are issued to repay the temporary
financing.
RESOLVED:
1.That L.I.D.Fund 755 be established for the Clover Drive Improvement
L.I.D.
2.That the Finance Director be empowered to solicit quotations for tem
porary financing which will be repaid when L.I.D.bonds are sold on com
pletion of the L.I.D.The quotations will be submitted to the Council
for approval or rejection.
3.That a separate L.I.Guarantee Fund 624 be established for L.I.D.755.
Adopted by the City Council on March 24,1987.I,1987.
Attest;