Res 1070 - Interdept Borr 91/92
COUNCIL BILL NO. 1322
RESOLUTION NO. 1070
A RESOLUTION AUTHORIZING INTERDEPARTMENTAL BORROWING OF FUNDS DURING
FISCAL YEAR 1991-92.
WHEREAS, expenditures within the General Fund, Transit Fund, Library Fund,
Park and Recreation Fund, Federal Programs Fund, and Housing Rehabilitation Fund will
exceed revenues received at the time of the 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 fiscal year 1991-92, funds not to exceed $800,000 be loaned
to the General, Transit, Library, Park and Recreation, Federal Programs, and Housing
Rehabilitation Funds from Water, City Hall Construction, Library Endowment, General Operating
Reserve, Wastewater Equipment/Replacement Reserve, Water Equipment
Replacement/Reserve, Street Capital Improvement, Water Capital Improvement, and
Wastewater Capital Improvement Funds.
Section 2. That said loans be returned to the respective funds listed in Section
1 of this Resolution no later than June 30, 1992.
Section 3. That the funds returned shall be obtained from property tax revenues
levied for fiscal year 1991-92 within the General, Transit, Library and Park and Recreation
Funds; from federal revenues within the Federal Programs Fund; and from Community
Development Block Grant funds within the usin abilitation Fund.
Approved as to For~~ 1- I 6 - 0; (
City Attorney Date
APPROVED: 1~ u.J ~
FRED W. KYSER, M R
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
~] ---- /
ATTEST: f~ ~
Mary Ten nt, Deputy Recorder
City of Woodburn, Oregon
Page 1 - COUNCIL BILL NO. 1322
RESOLUTION NO. 1070
July 22, 1991
July 25. 1991
Jul y 25. 1991
July 25, 1991
.~"
'..t'...-.....'..,.....