RES 1282RESOLUTION NO.fZ.%2 .
A RESOLUTION authorizing the NW 38 th Avenue
Construction Fund to borrow an amount not exceeding
$1 ,000,000.00 from the GMA Fund ,and providing for the
repayment of said loan by December 31 ,2014,with interest on the
declining balance of 1 %per annum.
WHEREAS,grants and loan receivables fund 100%of the revenues in the NW 38th
Avenue Construction Fund ,and
WHEREAS,there are insufficient funds within the NW 38th Avenue Construction Fund
to meet operating expenses during 2013 until grants and loan receivables are collected,and
WHEREAS,the Council desires to allow the NW 38th Avenue Construction Fund to
borrow the necessary funds from the GMA Fund to pay for such operating expenses shortfall,
and
WHEREAS,the Council deems it advisable to provide authority to borrow an amount to
not exceed $1,000,000.00,and upon confirmation of the sum total of the amount necessary to
meet operating expenses during 2013,the Council shall consider and approve a supplemental
resolution establishing said sum.
NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CAMAS AS FOLLOWS :
SECTION I
The NW 38th Avenue Construction Fund is hereby authorized to borrow an amount not
to exceed $1 ,000,000.00 from the GMA Fund to pay for operating expenses.
SECTION II
The loan shall be repaid by December 31,2014,plus accrued interest.The unpaid
balance shall bear interest at the rate of 1%per annum.There shall be no penalty for prepayment
of all or part of the loan.
ADOPTED at a regular Council meeting this 16th day of ember,2013.
SIGNED:
ATTEST:
ClerkjAPPROVEDastoform:
City Attorney