RES 1002RESOLUTION NO./Q Oc^~
A RESOLUTION authorizing the Emergency Rescue Fund
to borrow up to $200,000.00 from the Firemen’s Pension Fund,
and providing for the repayment of said loan by December 31,
2005,with interest on the declining balance of 2.5%per annum.
WHEREAS,property taxes fund over 50%of the revenues in the Emergency Rescue
Fund,and
WHEREAS,there are insufficient funds within the Emergency Rescue Fund to meet
operating expenses during 2005 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 up to the amount of
$200,000.00 from the Firemen’s Pension Fund to pay for operating expenses.
Section II
The loan shall be repaid by December 31,2005,plus accrued interest.The unpaid
balance shall bear interest at 2.5%per annum.There shall be no penalty for pre-payment of all
or part of the loan.
ADOPTED at a
SIGNED:
Mayor
z -VATTEST:
Clerk