Resolution No. 90-09 ■
CITY OF TIGARD, OREGON
RESOLUTION NV. 9C--Q�
A RESOLUTION APPROVING AN ITTITRFUNL LOAN B=4EFN THE PARK LEVY INPROVEMEN`j' FUND
AND THE SEWER FUND AS AUMORIZED BY ORS 294.460.
W fFJREA,S, voters approved a 5 year fixed dollar capital serial levy for park
improvements that will begin to generate revenue in December, 1990, and,
WHEREAS, the City Council has directed the City Attorney to place funds with
the Circuit Court of Washington County to obtain immediate possession of
certain land to be used for park development, and,
MT REAS, funds can be made available for this purpose through an interfund loan
because park levy proceeds have not yet been realized, and,
WHEREAS, ORS 294.460 allows interfund loans, provided the governing body
approves such transactions by resolution and such loans are repaid by the end
of the ensuing fiscal year.
NOW, THERETORE, BE IT RESOLVED by the Tigard City Council that:
Section 1 The following interfund loan is approved:
The Park Levy Improvement Fund will borrow from the Sewer Fund as
follows:
Estimated
Purpose Effective Date Ai,nunt Repayment
Park Land Aoq. 2/6/90 $110,.000 12/1/90
Section 2: The loan set forth in Section 1, shall bear interest to the
borrowing fund at the local government investment pool rate for
each period the loan is outstanding.
PASSED: This 1 1 dayX1990.
Mayor - City of Tigard
City Recorder - City of Tig
RESOLUTION NO. 90-
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