RES 1089RESOLUTION NO.108T
A RESOLUTION authorizing an inter-fund loan from the
General Fund to the Street Fund in the amount of $450,000.00,
providing for the unpaid balance to bear interest at the rate of five
percent (5%)per annum,and providing for the loan to be repaid on
or before March 31,2007.
WHEREAS,the City was awarded a grant of $462,249 from the Emergency Account of
the Federal Highway Agency to assist in repairs to Forest Home Road necessitated by a
mudslide,and
WHEREAS,the repairs have been undertaken and completed,and
WHEREAS,the City will not receive the grant funds for approximately sixty (60)days,and
WHEREAS,there are insufficient funds within the Street Fund to pay the contractor for
the repairs,and
WHEREAS,there are sufficient un-appropriated funds within the General Fund to pay
this expenditure,
NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CAMAS AS FOLLOWS:
Section I
The General Fund shall loan to the Street Fund the sum of $450,000 ,00 to be utilized for
payment of repairs to Forest Home Road,
Section II
The unpaid balance of the loan shall bear interest at the rate of five percent (5%)per
annum.The loan shall be repaid on or before March 31,2007.There shall be no penalty for
prepayment of all or any part of the loan.
ADOPTED BY THE COUNCIL AND APPROVED BY THE MAYOR AT A
REGULAR MEETING this j J day of December,2006.
aSIGNED:
Mavor
*y
ATR ANATTEST:
Clerk
W
as to form:APPR 1
City Attorney