RESOLUTION NO. 2002-21
A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE TELECOMMUNICATIONS FUND
A. ORS 294.46 requires an ordinance or resolution to permit a loan from one fund to another; and
B. A loan cannot be made from a debt service fund to any other fund, and
C. If the loan will not be repaid by the end of the fiscal year, it must be a budgeted requirement in the following year's budget.
SECTION 1. The Finance Director is hereby authorized to borrow $2,000,000 from the Water Fund, and $4,625,000 from the Wastewater Fund for the Telecommunications Fund.
SECTION 2. The loan will be made prior to July 31, 2002, and will be repaid with accrued interest prior to July 31, 2003.
SECTION 3. Interest will be charged at the Local Government Investment Pool interest rate at the date of the loan or the date of repayment, whichever is higher. Interest shall be paid quarterly.
SECTION 4. This resolution takes effect upon signed by tyhe Mayor.
This resolution was read by title only in accordance with Ashland Municipal
Code '2.04.090 duly PASSED and ADOPTED this 2 day of July, 2002.
Barbara Christensen, City Recorder
SIGNED and APPROVED this 3 day of July, 2002.
Alan W. DeBoer, Mayor
Reviewed as to form:
Paul Nolte, City Attorney
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