HomeMy WebLinkAbout1998-27 Interfund Loan CDBG R SOLVTIOS NO. 98- 7
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE COMMUNITY
DEVELOPMENT BLOCK GRANT FUND AND ELECTRIC 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 $75,000 from the
Cemetery Trust Fund for the Community Development Block Grant Fund. The
loan will be made prior to June 30, 1999, and will be repaid with accrued
interest prior to June 30, 1999. 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.
SECTION 2.
The Director of Finance is hereby authorized to borrow $1,000,000 from the
Equipment Fund for the Electric Fund (telecommunications division.) The
loan will be made prior to June 30, 1999, and will be repaid with accrued
interest prior to June 30, 1999. 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 /-if6 day of tldove~m bet'
,1998.
Derek D. Severson
Assistant to the City Recorder
SIGNED and APPROVED this /l~ttaday of
Reded as to form:
Paul Nolte, City Attorney
A/v~tear~ bey, 1998.
Catherine M. Shaw, Mayor
N:\acctg~Electfic\fiber\Council Loan Authorization