HomeMy WebLinkAbout1999-45 Auth. Interfund Loan RESOLUTION NO. 99-
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE COMMUNITY
DEVELOPMENT BLOCK GRANT FUND AND TELECOMMUNICATIONS FUND
THE CITY OF ASHLAND RESOLVES AS FOLLOWS:
RECITAL:
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.
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, 2000, and will be repaid with accrued
interest prior to June 30, 2001. 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 for the Telecommunications Fund and $600,000 from the
Cemetery Trust Fund. The loan will be made prior to June 30, 2000, and will
be repaid with accrued interest prior to June 30, 2001. 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~d ADOPTED this c2(9 day of ~2 ,1999.
Barbara Christensen, City Recorder
Don Laws, ~j~ting Chairperson
Paul Nolte, City Attomey
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