HomeMy WebLinkAbout2000-19 Interfund Loan Telecomm SOLVTION NO. 00- /
A RESOLUTION AUTHORIZING AN INTEREUND LOAN TO THE
COMMUNITY DEVELOPMENT BLOCK GRANT FUND AND
TELECOMMUNICATIONS FUND
RECITALS:
ORS 294.46 requires an ordinance or resolution to permit a loan from one fund to another; and a
loan cannot be made from a debt service fund to any other fund. 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 ASHLAND RESOLVES AS FOLLOWS:
SECTION 1. The Director of Finance is hereby authorized to borrow $100,000 from the
insurance Services Fund for the Community Development Block Grant Fund. The loan will be
made prior to June 30, 2001, and will be repaid with accrued interest prior to June 30, 2002.
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 2. The Director of Finance is hereby authorized to borrow $1,000,000 from the
equipment Fund or the Telecommunications Fund and $599,000 from the Electric Trust Fund.
The loan will be made prior to June 30, 2001, and will be repaid with accrued interest prior to
June 30, 2002. 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.
This resolution was read by title only in accordance with Ashland Municipal Code {}2.04.090
du~AD~ f . A~ , 2000.
B~rSara Christensen, City Recorder
SIGNED and APPROVED this/~ day of ~ ,2000.
Reviewed as to form:
Paul Nolte, City Attorney
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