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HomeMy WebLinkAbout1997-36 CDBG Interfund Loan RESOLUTION NO. 97-,.~ A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE COMMUNITY DEVELOPMENT BLOCK GRANT 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 $50,000 from the Insurance Services Fun& The loan will be made prior to June 30, 1998, and will be repaid with accrued interest prior to June 30, 1999. Interest will be charged at the City's average interest rate at the date of the loan or the date of repayment, whichever is higher° This resolution was read by title only in accordance with Ashland Municipal Code §2.04.090 duly PASSED and ADOPTED this ,~/ day of t~~ , 1997o Barbara Christensen, City Recorder SIGNED and APPROVED this a,~a~ day of ~~ ,1997o R?~/~wed as to ,~[m: Paul Nolte, City Attorney Catherine M. Golden, Mayor (G :j ill\wp\council~resoluti\loan.re$)