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City of Ashland, Oregon / City Recorder / City Council Information / Packet Archives / Year 2005 / 06/07 / CC - Budget Resolutions / Reso - CDBG

Reso - CDBG

RESOLUTION NO. 2005-____

A RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE COMMUNITY DEVELOPMENT BLOCK GRANT FUND FROM THE GENERAL FUND


Recitals:
A. ORS 294.460 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.

THE CITY OF ASHLAND RESOLVES AS FOLLOWS:

SECTION 1. The Finance Director is hereby authorized to borrow up to $215,000 from the General Fund for the Community Development Grant Fund as interim financing for repaying HUD for the CDBG money used to construct The Grove, releasing it for non-qualifying activities that meet the community's needs.

SECTION 2. The loan will be made starting immediately and will be budgeted for repayment in FY 2005-06 as proceeds from the sale of City of Ashland property on Strawberry Lane are sold and made available.

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 signing by the Mayor.

This resolution was read by title only in accordance with Ashland Municipal Code Section 2.04.090 duly

PASSED and ADOPTED this ______day of ______, 2005:
Barbara Christensen, City Recorder

SIGNED and APPROVED this ______day of ______, 2005:
John W. Morrison, Mayor

Reviewed as to form:
Michael W. Franell, City Attorney

End of Document - Back to Top



 

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