Resolution No. 00-02 CITY OF TIGARD,OREGON
RESOLUTION NO.00-C2�
A RESOLUTION AUTHORIZING AN 1NTERFUND LOAN FROM THE GENERAL FUND TO THE GENERAL
OBLIGATION DE13T SERVICE FUND,,tkND APPROVING BUDGET ADJUSTMENT#5 TO THE FY 1999-00
BUDGET.
WHEREAS,the FY 1998-99 audit revealed that the General Obligation Debt Service Fund finished FY 1998-99 with
a negative balzncc of$15,735,and
WHEREAS,unless corrective action is taken,the negative fund balance in the General Obligation Debt Service Fund
will increase in FY 1999-00,and
WHEREAS,it is a violation of state law to incur a deficit in a City fund,and
WHEREAS,under state law,the City may loan funds from the General Fund to the General Obligation Debt Service
Fund to eliminate the deficit situation,and
WHEREAS,under state law,any interfund loan mist be repaid to the originating fund in the following fiscal year
with interest,and
WHEREAS,repayment of a loan to the General Fund would be a legitimate obligation of the General Obligation
Debt Service Fund to be paid from property tax revenues,and
WHEREAS,it is necessary to adjust the FY 1999-00 Adopted Budget to authorize a loan from the General Fund to
the General Obligation Debt Service Fund.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: A loan from the General Fund to the General Obligation Debt Service Fund in the amount of
$30,000 is hereby authorized.
SECTION 2: The General Fund loan shall be repaid in FY 2000-01 with interest equal to the earnings rate on
the City's investment pool.
SECTION 3: The appropriations in the General Government program are hereby increased by$30,000 and the
General Fund contingency is r aced by$30,000.
PASSED: This — day of 2000.
H
3 Mwfer-City of ' and
Council President.
7 ATTEST:
Alk City Recorder-City of Tigard
RESOLUTION NO.00-QZ
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