RES 1117RESOLUTION NO.llQ
A RESOLUTION authorizing the Lake Road Construction
Fund to borrow up to $205,000.00 from the general fund,and
providing for the repayment of said loan by July 1,2008,with
interest on the declining balance of three percent (3%)per annum.
WHEREAS,the Lake Road Construction Fund was created for the Lake Road expansion
and construction project;and
WHEREAS,construction is complete and the retainage of $467,509.66 is due to be
released to the contractor;and
WHEREAS,the Lake Road Construction Fund has currently available approximately
$263,000.00;and
WHEREAS,there are sufficient unappropriated funds in the General Fund to fund a loan
of $205,000.00 to the Lake Road Construction Fund;and
WHEREAS,the loan will be repaid from the Public Works Trust Fund when the
retainage is paid and final loan paperwork is submitted,
NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CAMAS AS FOLLOWS:
Section I
The Lake Road Construction Fund is hereby authorized to borrow up to the amount of
$205,000.00 from the General Fund to pay for the contractor retainage on the Lake Road
expansion and construction Project.
Section II
The loan shall be repaid by July 1,2008,with accrued interest calculated at the rate of
three percent (3%)per annum.There shall be no penalty for prepayment of all or part of the
loan.
day ofADOPTEDATAREGULARMEETINGOFTHECOUNCILthis
December,2007.
SIGNED:
Mayor
ATTEST:
Clerk
fty Attorney