Res 1849 - Water/Sewer Construction
COUNCIL BILL NO. 2656
RESOLUTION NO. 1849
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN FROM THE WATER
CONSTRUCTION FUND TO THE SEWER CONSTRUCTION FUND.
WHEREAS, the City Council desires to provide interim financing to fully fund
the Debt Service Reserve for the Sewer Construction Bonds; and
WHEREAS, the interim financing will be repaid from increased user rates
before the end of fiscal year 2008; and
WHEREAS, a loan from the Water Construction Fund to the Sewer Construction
Fund will provide the necessary funds; and
WHEREAS, Oregon Revised Statute 294.460 authorizes inter-fund loans
provided that the loan is repaid in full within five years of the date on which the
loan is made; NOW THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That an amount not to exceed $232,000 of Water Construction
Fund monies shall be loaned to the Sewer Construction Fund.
Section 2. That the City Council finds that the loan authorized by this
resolution is necessary to provide interim financing to fully fund the Sewer Debt
Service Reserve.
Section 3. That said loan shall bear interest at an annual rate of 6.25%.
Section 4. That the term of the loan shall not exceed fifteen (15 months).
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Approved as to form: ' t () - -
City Attorney
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DOle
Page 1 - Council Bill No. 2656
Resolution No. 1849
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Passed by the Council
Submitted to the Mayor
Approved by the Mayor
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Februa ry 28,
February 28, 2007
Filed in the Office of the Recorder
February 28, 2007
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ATTEST: j11c:-;:rf/h'-~
Mary Te nant City Recorder
City of Woodburn, Oregon
Page 1 - Council Bill No, 2656
Resolution No. 1849
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