Res 1319 - Interdept Borrow 95
COUNCIL BILL NO. 1664
RESOLUTION NO. 1319
A RESOLUTION AUTHORIZING INTERDEPARTMENTAL BORROWING OF FUNDS
DURING FISCAL YEAR 1995-96.
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 1995-96, funds not to exceed $850,000 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, StreetlStorm Drain Capital
Improvement, Water, and 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, 1996.
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 1995-96 within the General, Transit, Library, and Park
and Recreation Funds; and from federal grant revenues within the Federal Pro rams
Fund. .c--y) ~
Approved as to form: V J ~
City Attorney
g
APPROVED:
Date
~~::'e~~7
August 28, 1995
August 29, 1995
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST: fY/~~~
Mary\tennant, City Recorder
City of Woodburn, Oregon
August 29, 1995
August 29, 1995
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COUNCIL BILL NO. 1664
RESOLUTION NO. 1319
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