RES 940RESOLUTION NO.
A RESOLUTION amending Resolution 904 by revising the
re-payment terms for the loan from the Water Sewer Reserve Fund,
to the Fire Facility Construction Fund.
WHEREAS,the Council of the City of Camas heretofore adopted Resolution No.904,
which authorized the Fire Facility Construction Fund to borrow $1,300,000.00 from the Water
Sewer Reserve Fund,and
WHEREAS,the repayment terms of the loan were that the unpaid balance bear interest at
6.5%per annum,and that the loan be re-paid in five annual installments of $260,000.00 each
year plus accrued interest,and
WHEREAS,revenue from Fire Impact Fees is less then anticipated and insufficient fees
have been collected to repay the loan in accordance with the original amortization,and
WHEREAS,interest rates have also dropped considerably since 2000 when the resolution
was first enacted,
NOW,THEREFORE,the Council of the City of Camas resolve as follows:
Section I
The remaining loan balance of $1,154,159.00 of the loan from the Water Sewer Capital
Reserve Fund,to the Fire Facility Construction Fund authorized by Resolution No.904,shall be
repaid in annual installments of $200,000.00.The unpaid balance shall bear interest at the rate
of 4%per annum,and the first such annual installment shall be made on or before December 31,
2002 .
Section II
There shall be no penalty for pre-payment of all or part of the loan.
ADOPTED at a day of
July,2002.
SIGNED :
or
ATTEST:
Clerk/
OVED as to form:
/t ///
Cit