Resolution No. 68-10 RESOLUTION OF THE CITY COUNCIL OF TIGARD WITH RESPECT TO
TRANSFER OF EXCESS FUNDS IN BANCROFT ACCOUNT # 1 TO THE
GENERAL FUND OF THE CITY OF TIGARD
WHEREAS, all obligations, both principal and interest, as-
sumed by the City of Tigard for bonds issued on the 1 day of
November ,19957 pursuant to Section 223.203,—Oregon
evj.se tatutes (Bancroft Bonding Act) are identified on the
City's records as Bancroft Issue 4P1, and have been fully satis-
fied and discharged, and
WHEREAS, there has accrued and accumulated the present sum
of $1,694.81 principal and $304.58 interest as an overplus un-
thcommitted for any purpose, available for transfer to the General
Fund Revenue of e City, and
WHEREAS, there are additional unpaid installments of assess-
ments levied by the former Tigard Sanitary District against property
owners of Bancroft #1 in the approximate sum of $ 457.58
to become available from time to time for transfer tot a eneral
Fund Revenue of the City, and
WHEREAS, all of said funds, present and future, are not re-
quired for any dedicated purpose and may be properly transferred to
the General Fund of the City,
NOW, THEREFORE, BE IT RESOLVED by the Council of the City
of Tigard as follows:
1. That all funds of principal and interest now accrued
and on hand remaining after payment of all bonding obligations of
Bancroft #1 as assumed by the City of Tigard from the former Tigard
Sanitary District in the total sum of $1,999.23 be, and the same are
hereby, transferred to the General Fund Revenue Account of the
City of Tigard;
2. That all amounts hereafter paid, both principal and
interest to the City with respect to presently unpaid assessments
remaining from bonding under the heading Bancroft 1 by the former
Tigard Sanitary District be, and the same are hereby, authorized and
directed to be deposited as and when received, as a. General Fund
Revenue of the City of Tigard. n �/
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Mayor - city o gar
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Recorder City
Resolution 68- Q
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