HomeMy WebLinkAboutCouncil Resolution 1166RESOLUTION NO.
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO
THE DEBT SERVICE FUND FROM THE WATER FUND
Recitals:
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1. ORS 294.460 requires an ordinance or resolution to permit a loan from one
fund to another; and
2. A loan cannot be made from a debt service fund to any other fund; and
3. If the loan will not be repaid by the end of the f;scal year, it must be a budgeted
requirement in the following year's budget.
THE CITY OF CENTRAL POINT, OREGON HEREBY RESOLVES AS FOLLOWS:
SECTION 1. The Finance Director is hereby authorized to borrow up to $170,000 from
the Water Fund to the Capital Improvement Fund as interim financing for the repayment
on the Scenic Upton and 10th reconstruction project.
SECTION 2. The loan will be made starting now and will be repaid prior to June
30, 2008 or budgeted for repayment in FY 2008-09. Repayments will be from the state
Transportation Improvement Program (STIP) grant through the metropolitan planning
organization (MPO).
SECTION 3. Interest will be charged at the Local Government Investment Pool interest
rate at the date of the loan or the date of repayment, whichever is higher. Interest shall
be paid quarterly.
SECTION 4. This resolution takes effect upon signing by the Council President.
Passed by the Council and signed by me in authentication of its passage this 20th day of
December 2007.
Kay Ha ison Council President
ATT
City Recorder
Approved by me this day of December, 200
Kay rrison Council President
Finance~Financings~interfund loan resolution