Res 1426 - Interfnd Borr 97/98
COUNCIL BILL NO. 1813
RESOLUTION NO. 1426
A RESOLUTION AUTHORIZING INTERFUND BORROWING OF FUNDS DURING FISCAL
YEAR 1997-98.
WHEREAS. expenditures within the General Fund. Transit Fund, Library
Fund, Park and Recreation Fund, and Federal Programs Fund may exceed revenues
received at the time of expenditures, therefore. interfund loans are necessary to
comply with Local Budget Law. Oregon Revised Statutes 294.460 allows this type
of loan, NOW THEREFORE.
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. During the fiscal year 1997-98. funds not to exceed
$950,000 may be loaned to the General, Transit. Library, Park and Recreation, and
Federal Programs Funds from General Operating Reserve, Wastewater
Equipment/Replacement Reserve, Water Equipment/Replacement Reserve, Parks
Capital Improvement, Water Capital Improvement, Wastewater Capital Improvement,
Street/Storm Drain Capital Improvement, Water or Wastewater Funds.
Section 2. That said loans be returned to the respective funds listed in
Section 1 of this Resolution no later than June 30, 1998.
Section 3. That the loans will earn interest from the date on which the
loan is made at the rate being paid by the State of Oregon's Local Government
Investment Fund. The borrowing fund will pay the interest expense on the date the
loan is repaid.
Section 4. That the funds returned shall be obtained from property tax
revenues for fiscal year 1997-98 within the General, Transit, Library and Park and
Recreation Funds; and from federal grant revenues within the Federal Programs Fund.
PAGE 1 COUNCIL BILL NO. 1813
RESOLUTION NO. 1426
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Approved as to
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Passed by the Council
Submitted to the Mayor
City Attorney Date
,
,
APPROVED:Q~ )
~NANCY A. Ie RKSEY, HAYOR
July 14, 1997
July 16, 1997
July 16, 1997
July 16, 1997
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST:
nant, Deputy Recorder
Woodburn, Oregon
Page 2
COUNCIL BILL NO. 1813
RESOLUTION NO. 1426
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