Res 1001 - Interdept Borr 89/90
COUNCIL BILL NO. 1229
RESOLUTION NO. 1001
A RESOLUTION AUTHORIZING INTERDEPARTMENTAL BORROWING OF FUNDS DURING FISCAL YEAR
1989-90 TO BE REPAID IN FISCAL YEAR 1990-91.
WHEREAS, expenditures within the Housing Rehabilitation Program will
exceed revenues received prior to June 30, 1990, 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 RESOLVES AS FOLLOWS:
Sect ion 1. That funds not to exceed $59,508.00 be loaned to the
Housing Rehabilitation Program Fund from the City Hall Construction Fund.
Section 2.
That the sa i d loan be returned to the City Hall
Construction Fund prior to June 30, 1991.
Sect ion 3. That funds returned shall be obtained from Hous i ng
'/J~~/'\
Approved as to Form:)' ~
City Attorney
1990-91.
(,/Z<;/70
Date
Rehabilitation grant funds received during fiscal year
APPROVED
NANCY A.
Passed by the Council
Submitted to the Mayor June 27, 1990
Approved by the Mayor June 27, 1990
Fil ed in the Office of the Recorder June 27, 1990
ATTEST ('(\~ -r-~~-i
Mary Tennan:e;:, Deputy Recorder
City of Woodburn, Oregon
Page 1 - COUNCIL BILL NO. 1229
RESOLUTION NO. 1001
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