Res 1385 - Interdep Borrw 96/97
COUNCil Bill NO. 1753
RESOLUTION NO. 1385
A RESOLUTION AUTHORIZING INTERDEPARTMENTAL BORROWING OF FUNDS
DURING FISCAL YEAR 1996-97.
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, interdepartmental loans are necessary
to comply with Local Budget Law. Oregon Revised Statutes 284.460 allows this type
of loan, NOW THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. During the fiscal year 1996-97, funds not to exceed
$850,000 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, 1997.
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 levied for fiscal year 1996-97 within the General, Transit, Library and Park
and Recreation Funds; and from federal grant revenues within the Federal Programs
Fund.
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COUNCIL BILL NO 1753
RESOLUTION NO. 1385
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Approved as to fOr~ ~M ~
City Attorney
APPROVED:('>~~
NANCY A.
/D-10-9&
Date
R
Passed by the Council
October 14, 1996
Submitted to the Mayor
October 15, 1996
October 15, 1996
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST: {Y'OA-~ ~1--+
Mary Tenna , City Recorder
City of Woodburn, Oregon
October 15, 1996
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COUNCIL BILL NO 1753
RESOLUTION NO. 1385
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