Res 1983 - Interfund Loan: New World UpgradeCOUNCIL BILL NO. 2849
RESOLUTION NO. 1983
A RESOLUTION AUTHORIZING AN INTERFUND LOAN FROM THE TRANSPORTATION
IMPACT FEE AND WATER WELL DISTRIBUTION CONSTRUCTION FUND TO THE
GENERAL, WATER AND SEWER FUNDS FOR THE PURPOSE OF UPGRADING THE
CURRENT ACCOUNTING AND POLICE REPORTING SYSTEMS.
WHEREAS, the current accounting and police reporting systems are
nearing the end of their useful lives; and
WHEREAS, ORS 294.460 authorizes the use of interfund loans provided that
the loan is repaid in full with interest in ten (10) years from date of the loan; and
WHEREAS, there are sufficient funds available in reserves in the
Transportation Impact Fee and Water Well Distribution Construction funds to
make loan; and
WHEREAS, there are sufficient funds available in the General, Water and
Sewer Funds to repay loan in annual installments with interest; and
WHEREAS, the City Council desires to provide funding for the accounting
and police reporting upgrade project; NOW, THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That an amount not to exceed $513,000 be loaned to the
General, Water and Sewer funds from the Transportation Impact Fee and Water
Well Distribution Construction funds as described in the attached Exhibit A.
Section 2. The loaned amount will bear interest at an annual rate of 2.0%
and shall be payable December of each year beginning in 2011.
Approved as to Form:
City Attorney
APPR VED: ✓ —
Kathryn Figl
Page 1 - COUNCIL BILL NO. 2849
RESOLUTION NO. 1983
//.- pF� - Z0�r
Date
,M
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATT
CKristina Shea
City of Woodk
r, 9ity Recorder
Oregon
Page 2 - COUNCIL BILL NO. 2849
RESOLUTION NO. 1983
NWS Upgrade Interfund Loan
Amortization Schedule
Exhibit A
Loan Amount
Interest
Payment
$ 512,000.00
2.0%
$ 78, 443.12
Pay #
Balance
Payment
Principal
Interest
0
$ 512,000.00
1
443,168.20
$ 78,443.12
$ 68,831.80 $
10,240.00
2
372,947.07
78,443.12
70,221.13
8,863.36
3
301,308.57
78,443.12
71,638.50
7,458.94
4
228,224.10
78,443.12
73,084.47
6,026.17
5
153,664.46
78,443.12
74,559.64
4,564.48
6
77,599.89
78,443.12
76,064.57
3,073.29
7
0.00
78,443.12
77,599.89
1,552.00
549,101.85
512,000.00
41,778.25
Payment Allocation Prin and Int
General $ 51,772 $ 362,407
Water 13,335 93,347
Sewer 13,335 93,347
Total $ 78,444 $ 549,101