Resolution No. 02-35 CITY OF TIGARD, OREGON
RESOLUTION NO. 02-&5
A RESOLUTION AUTHORIZING A FIVE-YEAR INTERFUND LOAN FROM THE GENERAL
FUND TO THE GAS TAX FUND FOR FINANCING OF THE CITY'S SHARE OF THE 69TH AVENUE
LOCAL IMPROVEMENT DISTRICT
WHEREAS, the City Council approved Ordinance No. 02-16 approving the final assessment for the 691h
Avenue Local Improvement District(LID); and
WHEREAS, the City Council agreed the City's share of the cost of the LID to be$397,861,which includes
the interim funding for the Peirce property recovery of$105,000; and
WHEREAS, the City Council approved that the City's funding for the City's share should be from the Gas
Tax Fund; and
WHEREAS, the Gas Tax Fund needs interim financing to pay for the City's portion of the LID project; and
V`THEREAS, ORS 294.460 allows a local government to loan money from one fund to another for capital
purposcs for up to five years from the date it is borrowed with interest charged on the loan at either the local
government investment pool or at a rate determined by the City Council.
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: A loan from the General Fund to the Gas Tax Fund in the amount of$397,861 is hereby
authorized.
SECTION 2: The principal amount of the loan shall be repaid to the General Fund using the following
schedule of payments:
FY 2002-03 $79,572
FY 2003-04 $79,572
FY 2004-05 $79,572
FY 2005-06 $79,572
FY 2006-07 $79,573
SECTION 3: Interest payments over the life of the loan shall be set at the earnings rate on the City's
investment pool.
RESOLUTION NO. 02
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SECTION 4: This resolution is effective immediately upon passage.
PASSED: This day of 2002.
you-City of ig
ATTEST:
City Recorder- City of Tigar
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RESOLUTION NO. 02 .357
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