RES 1264l^&YRESOLUTIONNO.
A RESOLUTION authorizing the Emergency Rescue Fund to
borrow $350,000.00 from the Firemen's Pension Fund ,and
providing for the repayment of said loan by December 31 ,2013,
with interest on the declining balance of !4 %per annum.
WHEREAS,property taxes fund over 55%of the revenues in the Emergency Rescue
Fund ,and
WHEREAS,there are insufficient funds within the Emergency Rescue Fund to meet
operating expenses during 2013 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 the amount of $350,000.00
from the Firemen 's Pension Fund to pay for operating expenses.
SECTION II
The loan shall be repaid by December 31,2013,plus accrued interest.The unpaid
balance shall bear interest at the rate of ‘A %per annum.There shall be no penalty for
prepayment of all or part of the loan .
ADOPTED at a regular Council meeting this \lay ofTanuatyCOfX
SIGNED :
Clerk
ATTEST:/A
o/
s to form :AP
City Attorney