RES 870RESOLUTION NO./1 U
A RESOLUTION providing for a loan in the amount of
$100,000.00 from the Firemen’s Pension Fund to the Sanitary
Fund for payment of a portion of the costs of an automated sanitary
collection truck.
WHEREAS,the Council has elected to convert to an automated form of solid waste
collection,and
WHEREAS,the automated collection of solid waste requires that the City purchase a new
solid waste collection truck,and
WHEREAS,the cost of a new sanitary collection truck is $186,000.00,and
WHEREAS,there are insufficient funds in the Sanitary Fund to pay for such expenditure,
and
WHEREAS,there are sufficient funds in the Firemen’s Pension Fund to fund a loan to
the Sanitary Fund in the amount of $100,000.00,
NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CAMAS AS FOLLOWS:
Section I
A loan in the amount of $100,000.00 is hereby authorized from the Firemen’s Pension
Fund to the Sanitary Fund .The proceeds of said loan shall be used towards the acquisition cost
of a solid waste collection vehicle.
Section II
The loan shall have a term of three years with payments to be made annually.The first
payment being made on or before December 31,1999.The unpaid principal balance of the loan
funds shall bear interest at the rate of 4.75 percent.The loan shall be repaid in full within three
years of the date of said loan.
1'day ofADOPTEDataregularmeetingoftheCouncilthis
1999.
SIGNED:
Mayor
ATTEST:
i Clerk/\i//MAPPROVED/torm:
/V)
City Attomey
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