HomeMy WebLinkAbout2005-27 Interfund Loan - CDBG
RESOLUTION NO. 2005-27
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE COMMUNITY
DEVELOPMENT BLOCK GRANT FUND FROM THE GENERAL 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 $215,000 from the
General Fund for the Community Development Grant Fund as interim financing for repaying
HUD for the CDBG money used to construct The Grove, releasing it for non-qualifying
activities that meet the community's needs.
SECTION 2. The loan will be made starting immediately and will be budgeted for
repayment in FY 2005-06 as proceeds from the sale of City of Ashland property on
Strawberry Lane are sold and made available.
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
92.04 90 duly PASSED and ADOPTED this 21st day of June, 2005.
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Barbara Christensen, City Recorder
SIGNED and APPROVED this Z2 day of June, 2005:
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Kate Jackson, Council Chair