Res 1425 - Interfund Borrow 97
REVISED COP~,-~1
COUNCIL BILL NO. 1812
RESOLUTION NO. 1425
A RESOLUTION AUTHORIZING INTERFUND BORROWING OF FUNDS AT JUNE 30,
1997.
WHEREAS, cash balances in the RSVP Fund, and the City Gas
Tax Fund may be negative at year end, and
WHEREAS, 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. That $28,000 of General Fund monies will be
loaned to the RSVP Fund.
section 2. That $10,000 of General Fund monies will be
loaned to the City Gas Tax Fund.
section 3. That the loans will bear interest at the rate
the city can earn on monies deposited in the Local Government
Investment Pool.
section 4. That said loans be repaid to the General Fund
no later than July 31, 1997.
section 5. That the funds returned shall be obtained
from City Gas Tax revenues and from RSVP grant revenues.
Approved as to
form;Yl.~~
City Attorney
7- / t--f - '1 9-
APPROVED ~ N , MAYOR
Passed by the Council July 14, 1997
Submitted to the Mayor July 16, 1997
Approved by the Mayor July 16, 1997
Date
Filed in
the Office of the Recorder
~~
Mary T nant, Deputy Recorder
City of Woodburn, Oregon
July, 16, 1997
ATTEST:
Page 1
COUNCIL BILL NO. 1812
RESOLUTION NO. 1425
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