RES 904MRESOLUTIONNO.
A RESOLUTION authorizing the Fire Facility Construction
Fund to borrow $1,300,000.00 from the Water Sewer Capital
Reserve Fund,and providing for the repayment of said loan over a
period of five years with interest on the declining balance of 6.5%
per annum.
WHEREAS,the City is building a new fire facility in the Grass Valley area,and
WHEREAS,the funding for construction of the new fire facility has been provided from
fire impact fees and real estate excise taxes,and
WHEREAS,there are insufficient funds within the Fire Impact Fee Fund and from real
estate excise taxes to pay for construction of the facility at this time,and
WHEREAS,the Council desires to allow the Fire Facility Construction Fund to borrow
the necessary funds from the Water Sewer Capital Reserve Fund to pay for such shortfall,
NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CAMAS AS FOLLOWS :
Section I
The Fire Facility Construction Fund is hereby authorized to borrow the sum of
$1,300,000.00 from the Water Sewer Capital Reserve Fund to pay for construction costs for the
new fire facility in Grass Falley.
Section II
The loan shall be repaid in five annual installments of $260,000.00 each plus accrued
interest.The unpaid balance shall bear interest at 6.5%per annum,and the first such annual
payment shall be made on or before December 31,2001,with a like payment on or before the 31st
day of December of each year thereafter .There shall be no penalty for prepayment of all or part
of the loan.
ADOPTED at a regular meeting of the Council this er,2000.
SIGNED :&Mayor
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A'\/Wyryi7 /ATTEST:KJH <>\W
Clerk
APPROVED as to form:/A /f /
City AttorneyL