HomeMy WebLinkAboutCouncil Resolution 642RESOLUTION NO. ~y~
A RESOLUTION AUTHORIZING A LOAN FROM GENERAL FUND TO
WATER FACILITIES FUND TO PURCHASE REAL PROPERTY
Recitals
1. The City of Central Point has contracted to purchase
real property in Jackson County, Oregon, for the purpose of
siting thereon a two million gallon water reservoir. The balance
to be paid for such property is $113,000, payable upon closing,
which is scheduled to take place no later than November 22, 1992;
2. The City had contemplated that loan proceeds from the
Oregon Economic Development Department would be available for
such payment, but it now appears that such loan proceeds may not
be received by the City by the time of closing;
3. The reservoir property will be purchased by monies in
the Water Facilities Fund, but that fund only has available at
the present time for such purchase approximately $45,000;
4. To provide the necessary funds to purchase the property,
with enough money to cover any unexpected contingencies, it is
necessary for the Water Facilities Fund to borrow $100,000 from
the General Fund, to be repaid., with interest, in compliance with
state law;
5. Such loan is not being made from a fund created for the
purpose of retiring indebtedness; and
6. ORS 294.460 authorizes loans from one fund to another,
by resolution, with certain restrictions that shall be met
herein.
Now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CENTRAL
POINT, OREGON, AS FOLLOWS:
Section 1. $100,000 shall be loaned from the General Fund
to the Water Facilities Fund for the purpose of purchasing the
reservoir property, at such time as funds are needed to purchase
such. property.
Section 2. Such loan shall be repaid, with interest at the
rate of 5~ per annum, no later than June 30, 1993.
1 - RESOLUTION NO. /~H~ (092492)
Section 3. The Finance Director is hereby authorized and
directed to take all appropriate and necessary action to
accomplish the transfer of funds and repayment thereof.
Passed by the Council and si ned y me in authentication of
its passage this /lo'~ day of ~ ~ 1992.
=''f ~ %'~
May r Rcger Westensee
ATTEST:
~GLvt.~l/.~ .i9,-ivvria.~
City Rep esentative
Approved by me this ~ day of ~~~~, 1992.
!J ~
Marta o~er Westensee
2 - RESOLUTION N0. (Dtl~ (092492)