HomeMy WebLinkAboutCouncil Resolution 1110RESOLUTION NO.
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO
THE CAPITAL IMPROVEMENTS FUND FROM THE WATER FUND
Recitals:
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 fiscal 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 $804,000 from the
Water Fund to the Capital Improvement Fund as interim financing for the Meadows Water line
and Snowy Butte Lane Street Projects.
SECTION 2. The loan will be made starting July 1, 2006 and will be repaid prior to June
30,2007 or budgeted for repayment in FY 2007-08. Repayments will be from assessment
payments and Bancroft Bond proceeds once the projects are complete.
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 Mayor.
1
Passed by the Council and signed by me in authentication of its passage this ~~ day of
June, 2006.
Mayor Hank Williams
ATTEST:
City Recorder ~~ 0
Approved by me this~hh' day of June, 2006
Mayor Hank Williams
Approved as to Form