(A resolution opening a bank account)
WHEREAS, the City of Hood River desires to construct Phase II of the water transmission line project;
WHEREAS, the City of Hood River has awarded interim financing for the construction of this project;
WHEREAS, interim financing proceeds will be deposited prior to construction;
WHEREAS, the USDA-RD Letter of Conditions requires that a separate bank account be established for this project;
WHEREAS, the City of Hood River desires to be in compliance with the USDA-RD Letter of Conditions.
NOW, THEREFORE, BE IT RESOLVED by the Hood River City Council that:
1. Columbia State Bank: “USDA Phase II Project Construction Account” shall be opened; and
2. Interim financing proceeds shall be deposited into this account.
Approved by Hood River City Council on this 14 day of February, 2011, to take effect immediately.
Arthur Babitz, Mayor
Jennifer Gray, City Recorder