Resolution No. 89-74 CITY OF TIGARD, 0-- k�;QN
R&S--LZlPION NO. 89--71f
A RE50TL]TION APPR7VING I27PERFUND LOANS BE.'--4EEN '1HE IDCAL IMPROCrII0-24T DISTRICT
DEET SERVICE (DSF) FUND, SIREEI'S SDC F M, AND THE SEWER FUND AS AUTHORIZED BY
ORS 294.460.
4dIMEM, the bond anticipation notes issued to fund the construction of the
135th Street LID mature on October 1, 1989, arx ,
WHEREAS, due to delays in closing out the project, Barcroft Bonds are not
scheduled to be sold until Der„erber 20, 1989, therefore, such bond proceeds
will not be available on October 1, 1989 as previously planned; ,Lnd,
wmt-AS, expenditures on other LID projects irr--luding 68th Parkway and
Hall/Burnham have oared but will not be funded until the bonds are sold on
December 20, 1989; and,
WiT;ZiEAS, expendi+3rres have occurred on Dartmouth Street ISD that are not
anticipated to be funded Until bond anticipation note-. are issued in March
1990; and,
M--ERFAS, rather than inczr costs associated with the procurementof interim
financing for these projects, the City Council wishc. to furl such needs on an
interim basis through loam frtma the Street SDC Pm-4 and the Sewer Fund; and,
WKMFAS, ORS 294.460 allows interfund loaner of this nature provided the
governing body approves such transactions by resolution and such loans are
repand by the end of the ensuing fiscal year,
AZW, THM FE, BE IT RESOUJED by the Tigard City Council that:
SEXTION l: 'The- following interfund loans are approved:
A. Tie LID L F Fund will borrow from the Sewr_r fund as followS:
ETTTCr-r11 E IOAN E_,`-1'.Dr..ATED
�EPA)a ENT DATE
68th Par'kL,ay 10/1/89 67,000 12/20/89
Hall/Hearnksarq ln/1/89 60,000 12/20/89
135th LID 10/1/89 670.00q 12/20/89
TOTAL 797,000
f, RMMJ-TPZC&d NO. 89v�
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B. The LID DSF Fund will borrow fry the Streets SDC fund as follows:
EFFEUv-Lvh LOAN ESTIMATED
PRDJECfi DATE AMOt3IPr REEAYb= DATE
Dartmouth LID 10/1/89 350,000 3/1/90
SECTior; 2: All loans set forth in Section 1 shall bear interest to the
borrowing fund at the local goverrm ent investment pool rate
existing on october 1, 1989. Interest X11 be cainputed from the
effective elate through the date of repayment.
PASSED: 'This �r�day of�.rh D ,
ATIFP: yor - CiLy"of Tigard
Deputy F ierecxarde - City of igard
RESMUa3ON NO. 89-_])�j
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