Res 1740 - Interfund Loan
COUNCIL BILL NO. 2482
RESOLUTION NO. 1740
A RESOLUTION AUTHORIZING INTERFUND LOAN FROM THE TRAFFIC
IMPACT FEE FUND TO THE SPECIAL ASSESSMENT FUND.
WHEREAS, the City Council desires to finance the construction of three Local
Improvement Districts (East Hardcastle, Boone's Ferry, and West Lincoln) with City funds; and
WHEREAS, a loan from the Traffic Impact Fee Fund to the Special Assessment Fund
will provide necessary funds for those three projects; and
WHEREAS, Oregon Revised Statute 294.460 authorizes interfund loans for capital
construction 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 an amount not to exceed $1,155,000 of Traffic Impact Fee Fund (TIF)
monies shall be loaned to the Special Assessment Fund.
Section 2. That the City Council finds that the loan authorized by this resolution is
necessary to finance the construction of three Local Improvement Districts (LID's): East
Hardcastle, North Boone's Ferry Road, and West Lincoln.
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 shall apply and shall be budgeted
in the Special Assessment Fund and the TIF Fund:
Fiscal Year 2004-05
Fiscal Year 2005-06
Fiscal Year 2006-07
PrinciDal
-0-
-0-
1,155,000
Interest
26,796
26,796
26,796
Total
26,796
26,796
1,181,796
Final Payment of the loan will be made by November 11, 2006.
Approved as to form: c;)'1. ~ ~
City Attorney
) 1- 7-- 2&0]
Date
Page 1 - Council Bill Number 2482
Resolution Number 1740
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Approv
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATIEST ~~
Mary e nt CIty Recorder
City of Woodburn, Oregon
Page 1 - Council Bill Number 2482
Resolution Number 1740
November 10, 2003
November 12, 2003
November 12, 2003
November 12. 2003
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