Res 1488 - Interfund Borrowing
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COUNCIL BILL NO. 1896
RESOLUTION NO. 1488
A RESOLUTION AUTHORIZING INTERFUND BORROWING
WHEREAS, the construction of Parr Road and the Downtown Alley
projects are Local Improvement Districts, and
WHEREAS, a loan from the Street/Storm CIF Fund to the Special
Assessment Fund was budgeted in each of these funds, and
WHEREAS, interfund loans are authorized by Oregon Revised Statutes
294.460; NOW, THEREFORE
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That $335,000 of General Fund monies will be loaned to the
Special Assessment fund.
Section 2. That the loans will 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 3. The loan will be repaid in ten equal annual installments.
Section 4. That the funds returned shall be obtained from assessments
against the property benef~ng fro~ t~ ~ G _ II _fA q
Approved as to form~~ .,.. , 0
City Attorney Date
APPROVED: ~ -----y'J1 ~
NANCY A.;{IRKSEY, MAYOR
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
June 8, 1998
June 9, 1998
June 9, 1998
Filed in the Office of the Recorder
June 9, 1998
ATTEST:
Mary Te ant, City Recor er
City of Woodburn, Oregon
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COUNCIL BILL NO
RESOLUTION NO.
1896
1488
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