Resolution No. 77-55 CITY OF TIGARD, OREGON
RESOLUTION NO. 77-SS
A RESOLUTION AUTHORIZING AND DIRECTING AN INTER.FUND LOAN
FROM THE SEWER FUND TO THE GENERAL FUND FOR THE PURPOSE OF
MEETING INTERIM GENERAL FUND OBLIGATIONS RESULTING FROM
HUNZIKER STREET LOCAL IMPROVEMENT DISTRICT PENDING THE SALE,
OF BANCROFT BONDS
'41EREAS, the City of Tigard General Fund has
advanced funds to the Hunziker Street Local Improvement
District in anticipation of recovering said funds from the
sale of Bancroft Bonds; and
ZMEREAS, the sale of the Hunziker Street L.I.D.
Bancroft Bonds has been delayed due to the filing of a Writ
of Review which must be settled prior to the anticipated
bond sale; and
WHEREAS, the General Fund has obligations that
must be met which requires the replacement of funds ad-
vanced to the Hunziker Street L.I.D. , and
WHEREAS, the Sewer Fund has sufficient tempor-
arily idle funds available for investment, and
WHEREAS, O.R.S. 294.460 (1) provides for inter-
fund loans when authorized by resolution of the City Council
NOT^F, THEREFORE,
BE IT RESOLVED BY THE TIGARD CITY COUNCIL THAT:
Section 1: Temporarily idle Sewer Fund revenues in the
amount of $85,000 are hereby loaned to the
General Fund for the purpose stated above.
The monies so loaned shall be returned to the
Sewer Fund by the end of the 1977-7P fiscal
year.
Section 2: This resolution shall become effective immedi-
ately upon passage and the Finance Director is
instructed to reflect this interfand loan in
the accounting records of the City.
PASSED: This.23rd day of May, 1977.
•'` Mayor
ATTEST:
u�
Recorder
Resolution No, 77- .�
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