HomeMy WebLinkAboutCouncil Resolution 1083RESOLUTION NO.~3
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE CAPITAL
IMPROVEMENTS FUND FROM THE WATER FUND
Recitals:
A. ORS 294.460 requires an ordinance or resolution to permit a loan from one fund to another;
and
B. A loan cannot be made from a debt service fund to any other fund, and
C. 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 RESOLVES AS FOLLOWS:
SECTION 1. The Finance Director is hereby authorized to borrow up to $950,000 from the
Water Fund for the Capital Improvement Fund as interim financing for Meadows Water line and
Snowy Butte Station Street Project.
SECTION 2. The loan will be made starting immediately and will be budgeted for repayment in
FY 2006-07 from assessments 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. oaf"
~~ ~ec~
Passed by the Council and signed by me in authentication of its passage this ; ~ day of 2005.
r~
Mayor Hank Williams
Approved by me this c°t day of ~ , 2005
Mayor Hank Williams
Reviewed as to form:
Doug Engle, City Attorney