HomeMy WebLinkAbout1996-06 Ambulance Loan nSSOLUrION NO. &
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE
AMBULANCE 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 $150,000 from the
Insurance Services 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
Barbara Christensen, City Recorder
SIGNED and APPROVED this/7 day of J~?-//~ , 1996.
Catherine M. Golden, Mayor
Paul Nolte, City Attorney
Ambulance Rev- NET
AR Saios
Total Cash on Hand
December January February March April May June Total
0 t00,000 3,1,750 341750 36,050 3Y,2(+0 ,~b~600 0
0 6~000 26~000 36,000 36~000 361000 Z36~000 176+000
100,000 100~000
!00,000 106,000 5V,750 70,750 72,050 75~200 71~600 276,000
P~rsoneli 3;750' 7,500 11,700 12;100 12;100 15;850 63,000
Materzai and Services 14,500 13~500 14!000 i6,750 2~500 16,750 99,000
Capital Out av
' Debt SerV]Ed
2001000 5t000 15,000 2201000
...... I;000 ~O0~ '4~000 4,000""' 4,000 I.. 4~000 2~,'000
..... ~,_222,250.25.,90o 54,700 ~2,850 39,600 51,600 406,000
interfund Loan 1501000 (20~000) 150~000
January 9, 1996
Mayor and City Council
Jill Turner, Director of Finance
Ambulance Fund Loan
Recommendation Authorize the Director of Finance to Borrow up to $150,000 from the
Insurance Services Fund.
Discussion The Ambulance Fund will need to borrow to finance the initial down
payment as well as for initial cash flow as shown on the attached worksheet. Approval
of City Council is required.