RES 93121/RESOLUTION NO.
A RESOLUTION authorizing the Emergency Rescue Fund to
borrow up to $225,000.00 from the Firemen’s Pension Fund,and
providing for the repayment of said loan by December 31,2002
with interest on the declining balance of 3.5%per annum.
WHEREAS,property taxes fund over 50%of the revenues in the Emergency Rescue
Fund ,and
WHEREAS,there are insufficient funds within the Emergency Rescue Fund to meet
operating expenses during 2002 until property taxes are collected ,and
WHEREAS,the Council desires to allow the Emergency Rescue Fund to borrow the
necessary funds from the Firemen’s Pension Fund to pay for such operating expenses shortfall,
NOW,THEREFORE,,be it resolved by the Council of the City of Camas as follows:
Section I
The Emergency Rescue Fund is hereby authorized to borrow up to the amount of
$225,000.00 from the Firemen’s Pension Fund to pay for operating expenses.
Section II
1 he loan shall be repaid by December 31,2002,plus accrued interest.The unpaid
balance shall bear interest at 3.5%per annum.There shall be no penalty for pre-payment of all
or part of the loan.
ADOPTED at a regular meeting of the Council thig%5 day of February,2002.
4
/SIGNED :—Mayor
ATTEST;
?Clerk
PROVED as to form :
ity Attorney