Res 1590 - Interfund Borr RSVP
COUNCIL BILL NO. 2051
RESOLUTION NO. 1590
A RESOLUTION AUTHORIZING INTERFUND BORROWING OF FUNDS AT JUNE 30, 2000
WHEREAS, cash balances in the RSVP Fund may be negative at year end, and
WHEREAS, an inter fund 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 I. That authorization is give for an interfund loan in a principal amount not to exceed
$20,000 from the TIF Fund to the RSVP 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 RSVP grant revenues.
Approved as to form:
City Attorney
APPROVED:
Passed by the Council
June 12, 2000
Submitted to the Mayor
June 13. 2000
June 13 ,2000
Approved by the Mayor
Filed in the Office of the Recorder
fY\;\~
Ma~nnant, City Recorder
City of Woodburn, Oregon
June 13, 2000
ATTEST:
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COUNCIL BILL NO 2051
RESOLUTION NO. 1590
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