Res 1062 - Interdept Borr 91/92
COUNCIL BILL NO. 1313
RESOLUTION NO. 1062
A RESOLUTION AUTHORIZING INTERDEPARTMENTAL BORROWING OF FUNDS
DURING FISCAL YEAR 1990-91 TO BE REPAID IN FISCAL YEAR 1991-92.
WHEREAS, expenditures within the Housing Rehabilitation Fund will
exceed revenues received prior to June 30, 1991, therefore, an interdepartmental
loan is necessary to comply with Local Budget Law. Oregon Revised Statutes
294.460 allow this type of loan; now, therefore,
THE CITY OF WOODBURN ORDAINS AS FOLLOWS:
Section 1. That funds not to exceed $135,000.00 be loaned to the
Housing Rehabilitation Fund from the General Operating Reserve Fund.
Section 2. That the said loan be returned to the General Operating
Reserve Fund prior to June 30, 1992.
Section 3. That funds returned shall be obtained from Housing
Rehabilitation grant funds received during fiscal year 1991-92.
Approved as to form:
City Attorney
Date
Passed by the Council
APPROVED ~ r,;,i ~ I2.d/
FRED W. KYSER, YOR
June 24, 1991
Submitted to the Mayor
June 25, 1991
Approved by the Mayor
June 25, 1991
Filed in the Office of the Recorder
June 25, 1991
ATTEST (J~~
Mary Ten ant, Deputy Recorder
City of Woodburn, Oregon
Page 1 - COUNCIL BILL NO. 1313
RESOLUTION NO. 1062
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