RES 997297RESOLUTIONNO.
A RESOLUTION authorizing the SE 1st Street/Lake Road Fund
to borrow up to $600,000.00 from the Firemen’s Pension Fund ,andprovidingfortherepaymentofsaidloanbyMay31,2005.
WHEREAS,the SE 1 st Street/Lake Road Fund project is funded by numerous funding
sources,some of which are on a reimbursement basis,and
WHEREAS,All remaining funding for the project is only on a reimbursement basis,and
WHEREAS,the SE 1st Street/Lake Road Fund requires a short term loan to meet operating
expenses,and
WHEREAS,there are sufficient unappropriated funds in the Firemen ’s Pension Fund to
make such loan,
NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAMAS
AS FOLLOWS:
SECTION I
A temporary loan in the amount of $600,000.00 is hereby authorized from the Firemen’s
Pension Fund to the SE 1st Street/Lake Road Fund .Said loan shall bear interest at the rate of 2.4%
per annum from the date of its advancement,and shall be due and payable in full on or before May
31,2005.There shall be no penalty for prepayment of all or any portion of the loan.
SECTION II
The proper officers of the City of Camas are hereby authorized and directed to transfer the
sum of $600,000.00 from the Firemen’s Pension Fund to the SE 1st Street/Lake Road Fund ,and
thereafter to expend from said fund such monies as are necessary to pay for expenses and costs
incurred in the improvements to SE 1 st Street and SI2 Lake Road .
ADOPTED at a regular meeting this/day of December,2004.
tSIGNED:^4£yor
fa'{_.V 7
ATTEST;
Clerk
APPROVED.olorm:
City Attorney