Res 1143 - Interdept Borrow 92/
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COUNCIL BILL NO. 1420
RESOLUTION NO. 1143
A RESOLUTION AUTHORIZING INTERDEPARTMENTAL BORROWING OF FUNDS
DURING FISCAL YEAR 1992-93.
WHEREAS, expenditures within the Street/Storm Drain Capital Improvement
Fund will exceed revenues received at the time of the expenditures, therefore, an
interdepartmental loan is 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 fiscal year 1992-93, funds not to exceed $300,000 be
loaned to the Street/Storm Drain Capital Improvement Fund from the Water Capital
Improvement Fund and the Water Well Construction Fund.
Section 2. That said loans be returned to the respective funds listed in
Section 1 of this resolution no later than June 30, 1993.
Section 3. That the funds returned shall be obtained from City gas tax
revenues and from the State Economic Development loan/grant program.
Approved as to form~ ~
City Attorney
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APPROVED ~W ~
FRED W. KYSE AYOR
Passed by the Council
September 14, 1992
Submitted to the Mayor
September 16, 1992
Approved by the Mayor
September 16, 1992
Filed in the Office of the Recorder
September 16, 1992
ATTEST fJ1CLu~~+
Mary Tenn t, Recorder
City of Woodburn, Oregon
Page 1 - COUNCIL BILL NO. 1420
RESOLUTION NO. 1143
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