Resolution No. 69-18 RESOLUTION
AUTHORIZING AND RATIFYING LOAN FROM THE SEWER FUND TO THE
"s. W. CANTERBURY LANE IMPROVEMENT DISTRICT" AND PROVIDING
FOR THE REPAYMENT THEREOF
OCTOBER 13, 1969
WHEREAS, pursuant to 294,460 O.R.S., a loan from any
fund of the City (other than funds created for the purpose of
retiring indebtedness) to any other fund of the City may be
properly authorized by resolution of the City Council; and
WHEREAS, the following sum has heretofore been loaned
from the following described fund of the City to the "S. W.
Canterbury Lane Improvement District" pending sufficient revenues
from assessments and Bancroft bond sales and interest to defray
payments required pursuant to the construction contract and other
costs of said Improvement District in the following amount.
SEWER FUND . . . . . . . . . . .$49,000.00
NOW, THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF TIGARD, as follows:
(1) That loan as heretofore made in the total sum herein-
after set forth from the fund hereinafter stated, to the
"S. W. Canterbury Lane Improvement District" for the purpose of
payment of construction and other costs with respect to said
Improvement District, be, and the same is hereby ratified and
confirmed:
SEWER FUND . .$49,000.00
together with interest thereon at the rate of
7% per annum from date hereof until paid.
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(2) That the repayment of the above amount from said
"S. W. Canterbury Lane Improvement District" to said fund be,
and the same is hereby authorized and directed to be made when
funds are available.
Dated at Tigard, Oregon this 1-3 day of October, 1969.
Mayor,cityT-iggerd
ATTEST:
city Recorder, city o gar
RESOLUTION 69 - f$
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N O T E
CITY OF TIGARD, OREGON
C.
C. No. 1 - S. W. Canterbury Lane Improvement District $49,000.00
FOR VALUE RECEIVED, THE S. W. CANTERBURY LANE IMPROVEMENT
DISTRICT in the City of Tigard, Oregon, acknowledges to owe and
hereby promises to pay to the SEWER FUND, CITY OF TIGARD, the
Sum of Forty-Nine Thousand and NO/100 Dollars ($49,000.00),
together with interest thereon at the rate of seven percent
(78) per annum from date hercof until paid.
This note is made pursuant to resolution of the City Council
of *h• City of Tigard duly passed at its meeting of October 13,
1969 and is given for the purpose of recording an obligation
rr^-- arising from the temporary transfer of funds for the purpose
,-r of paying construction costs with respect to the "S. W. Canterbury
Lane Improvement District".
IN WITNESS WHEREOF, The City Recorder has executed this
instrument on behalf of the City of Tigard for the uses and
purposes set forth.
CITY OF TIGARD
BY: Z_.,c_ c�