RES 1017RESOLUTION NO./0 //
A RESOLUTION authorizing the Emergency Rescue Fund toborrow$92,000.00 from the Firemen’s Pension Fund to finance the
purchase of an ambulance,and providing for the repayment of said
loan by December 31,2009,with interest on the declining balance of
four percent (4%)per annum .
WHEREAS,the Fire Department desires to purchase a used ambulance for their emergency
rescue services,and
WHEREAS,there are insufficient funds within the Emergency Rescue Fund to provide for
such expenditure,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 acquisition,
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 the amount of $92,000.00 from
the Firemen’s Pension Fund to pay for the purchase of a used ambulance.
SECTION II
The loan shall be re-paid by December 31,2009.The unpaid balance shall bear interest at
the rate of 4.0%per annum ,and the Emergency Rescue Fund shall make at least one annual payment
of $23,000.00,plus accrued interest.There shall be no penalty for prepayment of all or part of the
loan .
ADOPTED at a regular Council meeting thi$^day of July,2005.
SIGNED :
Mdyor
QfjYW\/KJClerk
/WATTEST:
APPROVED itof form;
O CityAttorney