Ord 1741COUNCIL BILL N0. 615
ORDINANCE N0. 1741
AN ORDINANCE ESTABLISHING THE MARION COUNTY LOSS SINKING FUND, ESTABLISHING A
PROCEDURE FOR OPERATION AND FUNDING.
WHEREAS, The City of Woodburn, through no negligence or irregular actions
on its part, is faced with a potential liability relative to the Marion County
Investment Pool Losses; and
WHEREAS, the State Division of Audits did mandate that the "allocated losses"
be recorded in the books and records of the City in 1979-80; and
WHEREAS, the City Administration and the Common Council did initiate reductions
in expenditures in 1979-80 resulting in increased working capital, and
WHEREAS, the prudent actions of the City did generate $312,940.00 cash carry-
over into 1980-81 and did thereby provide all City funds except the Sewer Treatment
Plant Construction Fund with resources to cover allocated losses; and
WHEREAS, the Sewer Treatment Plant Construction Fund had a deficit balance
of $228,060.00 on June 30, 1980, and has no resources available to offset that deficit;
and
WHEREAS, the City is pursuing legal actions regarding the County Loss alloca-
tions and generating legal expenses thereby; and
WHEREAS, it has been determined by the Common Council to be appropriate,
feasible and expedient to provide for this contingency through the establishment of a
Sinking Fund; now, therefore,
THE COMMON COUNCIL OF THE CITY OF WOODBURN DO ORDIAN:
Section 1. There is hereby established the Marion County Loss Sinking Fund
within the City of Woodburn budget into which the revenues of $312,940.00 generated
on June 30, 1980 will be deposited.
Page 1 - COUNCIL BILL N0. 615
ORDINANCE N0. ~~4~
Section 2. That the City Recorder is directed to pay into such fund the
sum of $312,940.00 (as per Section l~ and interest earned or to be earned on its
investment and such other interest earned on City investments as may be authorized
by the Common Council.
Section 3. The Sinking Fund and all transactions related thereto shall
be administered as prescribed by Oregon Revised Statutes, City Charter, general
municipal accepted accounting procedures.
Section 4. That all monies deposited to this Fund shall be reserved first
for the potential repayment of allocated Marion County Losses and the payment of
related legal fees.
Section 5. That any monies remaining in this fund after settlement of all
Marion County Investment Pool Loss allocations and related legal fees, are to be
returned to the City Funds suffering loss allocations on June 30, 1980 and/or to the
City Bonded Debt Funds.
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST: (~
Barney .Burris, Recorder
City of Woodburn, Oregon
APPROVED: )
y
E. WALTER LAWS ,N, MAYOR
February 23, 1981
February 24, 1981
February 24, 1981
February 24, 1981
Page 2 - COUNCIL BILL N0. 615
ORDINANCE NO.ll41
I, BARNEY 0. BURRIS, Recorder of the City of joodburn, do
hereby certify that I caused to be posted three copies of
Ordinance No. 1741, on of which said copies posted in the
City Hall on the bulletin board apposite the entrance to
the Recorder's Office, in full view of the traveling public;
a second one of said copies posted on the ~Noodburn Public
Library bulletin board at 250 Garfield Street, in full view
of the traveling public; a third one of said copies posted
on the Community Center bulletin board at 491 N. Third St.,
in full view of the traveling public; that all of said
places are public places within the corporate limits of the
City of ~`~oodburn and all of said copies were posted on the
6 ~,~ day o f , 1951
a
arnEy Burris, Recorder
City of Woodburn, Oregon