Res 1518 - Itfd Borrow fr Gorf
COOlfCIL BILL NO. 1938
RBSOLUTION NO. 1518
A RBSOLUTION AUTHORIZING IIITBRI'mtD BORROWING PROII THB GBNBRAL OPBRATING
RBSERVB FUJID TO THB PAlUtS CAPITAL IIIPROVBllBIIT PmtD.
WHEREAS, the development of Phase I of Centennial Park is in
progress, and
WHEREAS, a loan from the General Operating Reserve fund to the
Parks Capital Improvement Fund was budgeted in each of these funds, and
WHEREAS, interfund loans are authorized by Oregon Revised statutes
294.460; NOW THEREPORB
THB CITY 01' WOODBURN RBSOLVBS AS POLLOWS:
section 1. That $110,000 of General Operating Reserve Fund monies
shall be loaned to the Parks Capital Improvement Fund.
section 2. That the City Council finds that the loan authorized by
this ordinance is needed to complete construction of Phase I of Centennial
Park.
section 3. That the loan shall bear interest at a rate 1/4% more
than the rate the City can earn on monies deposited in the Local Government
Investment Pool, as of the date this resolution is approved.
Section 4.
That the loan shall be repaid by June 30, 2000.
section 5. That the funds returned shall be obtained from Parks
System Development charges collected by the Parks Capital Improvement Fund.
Approved as to
form~trrr-~
city Attorney
//-:{- ~~
Date
c
November
APPROVED:
Passed by the council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST: ~~~
Mary nnant, Deputy Recorder
city of Woodburn, Oregon
November 10, 1998
Page 1
COtJNCJ:L BJ:LL NO. 1938
JU:SOLU'1'J:ON NO. 1518
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