Res 1004 - Interdept Borr 90/91
COUNCIL BILL NO. 1233
RESOLUTION NO. 1004
A RESOLUTION AUTHORIZING INTERDEPARTMENTAL BORROWING OF FUNDS DURING FISCAL YEAR
1990-91.
WHEREAS, prior to the commencement of the improvement of Cleveland
Street, the City is required to deposit sufficient funds with the Oregon State
Department of Transportation to pay for the City's share of the improvement
project, and
WHEREAS, the Spec i a 1 Assessment Fund does not have suffi ci ent
revenues available at this time to pay the deposit amount as required, and
WHEREAS, Oregon Revised Statute 294.460 allows interdepartmental
borrowing of funds for the purpose of loaning money from one fund to another fund
during the fiscal year, now, therefore,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That funds not to exceed $350,000 be loaned to the
Special Assessment fund from the Wastewater Equipment Replacement/Reserve, Water
Equipment Replacement/Reserve, and General Operating Reserve funds.
Section 2. That the said loan be returned to the respective funds
listed in Section I of this resolution no later than June 30, 1991.
Section 3. That the funds returned shall be obtained from un bonded
assessments, bond sale proceeds, and other budgetary interfund transfers
appropriated by the City Council for fiscal year 1990-91.
Approved as to Form: ?7./E} ~--=:=J 7- /o-ej 0
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the office of the
City Attorney Date
APPROVED ~~"'4fr8~
NANCY A./ iRKSEY, MAYOR ;I
July 91.1990
July 1 , 1990
Jul v 10. 1990
Jul y 10. 1990
Recorder
ATTEST ~ ~~
Mary en nt, Deputy Recorder
City of Woodburn, Oregon
Page 1 - COUNCIL BILL NO. 1233
RESOLUTION NO. 1004
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