Res 1778 - Inter-Fund Loan
COUNCIL BILL NO. 2548
RESOLUTION NO. 1778
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN FROM THE TRAFFIC IMPACT FEE FUND
TO THE POLICE FACILITIES CONSTRUCTION FUND.
WHEREAS, the City Council desires to provide interim financing for the design and
construction of a Police Facility; and
WHEREAS, the interim financing will be repaid from bond proceeds before the
end of fiscal year 2005; and
WHEREAS, a loan from the Traffic Impact Fee Fund to the Police Facilities
Construction Fund will provide the necessary funds: and
WHEREAS, Oregon Revised Statute 294.460 authorizes inter-fund loans for capital
purchases provided that the loan is repaid in full within five years of the date on which
the loan is made, NOW THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That an amount not to exceed $500,000 of Traffic Impact Fee Fund
(T1F) monies shall be loaned to the Police Facilities Construction Fund.
Section 2. That the City Council finds that the loan authorized by this resolution is
necessary to provide interim financing for the design and construction of the Police
Facility.
Section 3. That said loan shall bear interest at an annual rate of 2.25%.
Section 4. That the term of the loan shall not exceed one year.
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
J2-Jo~2uJLf
Date
Approved as to form:
Filed in the Office of the Recorder
December 15, 2004
ATTEST (I'/c~ ~
Mary Te ant City Recorder
City of Woodburn, Oregon
Page 1 - Council Bill No. 2548
Resolution No. 1778
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