Res 1005 - Intedpt Borr 90/91
COUNCIL BILL NO. 1235
RESOLUTION NO. 1005
A RESOLUTION AUTHORIZING INTERDEPARTMENTAL BORROWING OF FUNDS DURING FISCAL YEAR
1990-91.
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 1990-91, funds not to exceed $750,000
be loaned to the General, Transit, Library, Park and Recreation, Federal
Programs, and Housing Rehabilitation Funds from Water, Wastewater, Street, Water
Well Construction, City Hall Construction, Library Endowment, General Operating
Reserve, Wastewater Equipment/Reserve, Water Equipment Reserve, Water Capital
Improvement, Wastewater Capital Improvement, Street/Storm Drain Capital
Improvement, and State Revenue Sharing Funds.
Section 2. That said loans be returned to the respective funds
listed in Section 1 of this Resolution no later than June 30, 1991.
Section 3. That the funds returned shall be obtained from property
tax revenues levied for fiscal year 1990-91 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 Housing
Rehabilitation Fund.
APPROVED AS TO FORM:()l.7~ ~ (- ( 0 -'1 0
City Attorney Da~t,
APPROVED 0 JL '-(~ D. - ----'"
For: NANtyA A. KIR Y, MAYO~
Passed by the Council
Submitted to the Mayor (Council President)
July 23, 1990
July 24, 1990
Approved by the Mayor (Council President)
July 24, 1990
Filed in the Office of the Mayor
July 24, 1990
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ATTEST ~a~ 7 h-lA"1"-- ::f
Mary en nt, Deputy Recorder
City of Woodburn, Oregon
Page 1 - COUNCIL BILL NO. 1235
RESOLUTION NO. 1005
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