HomeMy WebLinkAbout2005-28 Interfund Loan - Street
RESOLUTION NO. 2005-28
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE STREET
FUND FROM THE WASTEWATER 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 $270,000 from the
Wastewater Fund for the Street Fund as interim financing for acquiring property at Hersey
and North Main to be used for street alignment and intersection improvements.
SECTION 2. The loan will be made starting immediately and will be budgeted for
repayment in FY 2005-06 from Street Fund general revenues.
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 sl1all 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
~2.0 .090 duly PASSED and ADOPTED this 21st day of June, 2005.
~
Barbara Christensen, City Recorder
SIGNED and APPROVED this 2.2-day of June, 2005:
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Kate Jackson, Council Chair