Res 1734 - Interfund Loan
COUNCIL BILL NO. 2471
RESOLUTION NO. 1734
A RESOLUTION AUTHORIZING INTERFUND LOAN FROM THE TRAFFIC
IMP ACT FEE FUND TO THE GENERAL FUND CAPITAL IMPROVEMENT FUND.
WHEREAS, the City Council desires to purchase property located at 1060 Mt.
Hood Avenue, Woodburn, for the future siting of a Police operations facility, and
WHEREAS, a loan from the Traffic Impact Fee Fund to the General Fund
Capital Improvement Fund will provide necessary funds for the purchase of this property, and
WHEREAS, Oregon Revised Statute 294.460 authorizes interfund loans for
capital purchases provided that the loan is repaid in full within five years of the date in which the
loan is made; NOW THEREFORE
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That $370,000 of Traffic Impact Fee Fund monies shall be loaned to
the General Fund Capital Improvement Fund.
Section 2. That the City Council finds that the loan authorized by this resolution
is necessary to purchase property located at 1060 Mt. Hood Avenue, Woodburn.
Section 3. That said loan shall bear interest at an annual rate of 2.32%,
compounded annually.
Section 4. That the following loan repayment schedule in which principal and
interest shall be budgeted for shall apply:
Principal Interest
Fiscal Year 2004-05 -0- -0-
Fiscal Year 2005-06 -0- -0-
Fiscal Year 2006-07 -0- -0-
Fiscal Year 2007-08 -0- -0-
Fiscal Year 2008-09 $370,000 $44,958.20
Final payment of the loan will be made by September 8, 2008.
Approved as to form cr; JI1- ~
City Attorney
Total
-0-
-0-
-0-
-0-
$414,958.20
Page 1 - COUNCIL BILL NO. 2471
RESOLUTION NO. 1734
Passed by the Council
September 8, 2003
Submitted to the Mayor
September 10, 2003
Approved by the Mayor
September 10, 2003
Filed in the Office of the Recorder
September 10, 1003
ATTEST fJ1~ ~~
Mary Ten nt, City Recorder
City of W oodbum, Oregon
Page 2 - COUNCIL BILL NO. 2471
RESOLUTION NO. 1734