HomeMy WebLinkAbout1995-28 CDBG Interfund Loan RESOLUTION NO. 9~- 6,~f
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
THE CITY OF ASHLAND RESOLVES AS FOLLOWS:
P~CITAL:
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 $50,000 from the
Cemetery Trust Fund. The loan will be made prior to June 30, 1996, and
will be repaid with accrued interest prior to June 30, 1997. Interest will be
charged at the City's average interest rate at the date of the loan or the date
of repayment, whichever is higher.
This resolution was read by title only in accordance with Ashland Municipal Code §2.04.090
duly PASSED and ADOPTED this 7 day of/Y~gak,~ ,1995.
Z~fT~L ~/'~
Barbara Christensen, City Recorder
SIGNED and APPROVED this dt~
,1995.
Catherine M. Golden, Mayor
Paul Nolte, City Attorney