Res 1487 - Intfnd Borrow 6/1998
-,
COUNCil Bill NO. 1895
RESOLUTION NO. 1487
A RESOLUTION AUTHORIZING INTERFUND BORROWING OF FUNDS AT JUNE 30, 1998
WHEREAS, cash balances in the RSVP Fund may be negative at year end, and
WHEREAS, an interfund loan is necessary to comply with Local Budget Law,
and Oregon Revised Statutes 294.460 allows this type of loan; NOW, THEREFORE
THE CITY OF WOODBURN RESOLVES AS FOllOWS:
Section 1. That $10,000 of General Fund monies will be loaned to the RSVP 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. That said loan be repaid to the General Fund no later than July 31, 1998.
Section 4. That the funds returned shall be obtained from RSVP grant revenues.
Approved as to form:cn~ ~ ~
City Attorney Date
APPROVED:~~W(ilA'~
NANCY A. IRKSE, MAYOR /
Passed by the Council June 8, 1998 I
Submitted to the Mayor
June 9, 1998
June 9, 1998
Approved by the Mayor
Filed in the Office of the Recorder June 9, 1998
ATTEST: /il~ ~
Mary Ten nt, City Recorder
City of Woodburn, Oregon
Page 1 -
COUNCIL BILL NO 1895
RESOLUTION NO. 1487
-~--_.- .