Res 1591 - Interfnd Bor Hou Reh
COUNCIL BILL NO. 2052
RESOLUTION NO. 1591
A RESOLUTION AUTHORIZING INTERFUND BORROWING OF FUNDS AT JUNE 30, 2000
WHEREAS, cash balances in the Housing Rehab Fund may be negative at year end, and
WHEREAS, an interfund loan is necessary to comply with local budget law, and Oregon Revised
Statutes 294.460 allows this type of loan; NOW, THEREFORE
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That authorization is given for an interfund loan in a principal amount not to exceed
$250,000 from the TIF Fund to the Housing Rehab Fund.
Section 2. The purpose of this loan is to provide liquidity until grant reimbursements are received.
Section 3. That the loan will bear interest at a rate 1/4 % more than the rate the City can earn on
monies deposited in the Local Government Investment Pool, as of the date this resolution is approved.
Section 4. That said loan will be repaid to the TIF Fund no later than September 30, 2000.
Section 5. That the funds returned shall be obtained from Housing Rehab grant revenues.
Approved as to form:
APPROVED:
Date
[~.~
RICHARD JEN~NGS'C::
City Attorney
Passed by the Council
June 12, 2000
Submitted to the Mayor
June 13, 2000
Approved by the Mayor
June 13, 2000
Filed in the Office of the Recorder
June 13, 2000
ATTEST:
----1t\~-i
Mary T ant, City Recorder
City of Woodburn, Oregon
Page 1-
COUNCIL BILL NO 2052
RESOLUTION NO. 1591
---"-T"