Resolution 2011-07

(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