HomeMy WebLinkAbout2003-26 Interfund LoanRESOLUTION NO. 2003- ~
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE
TELECOMMUNICATIONS 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 ASHLAND RESOLVES AS FOLLOWS:
SECTION 1. The Finance Director is hereby authorized to borrow up to $2,275,000 from
the Water Fund, up to $4,275,000 from the Wastewater Fund and up to $400,000 from the
Electric Fund for the Telecommunications Fund.
SECTION 2. The loan will be made prior to July 31,2003, or as needed throughout the
fiscal year and will be repaid with accrued interest prior to July 31, 2004.
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.
This resolution was read by title only in accordance with Ashland Municipal Code
§2.04.090 duly PASSED and ADOPTED this 15th day of July, 2003.
i~arbara Christensen, City Recorder
SIGNED and APPROVED this 15th day of July, 2003.
Rev ed as t form:
Paul Nolte, City Attorney
1-
Alan W. DeBoer, Mayor
Resolution Authorizing Interfund Loan- 2004G:\legal\PAUL\FORMS\resolution form.wpd