RES 1142RESOLUTION NO.//</2.
A RESOLUTION authorizing the Emergency Rescue Fund to
borrow up to $325,000.00 from the Firemen’s Pension Fund,and
providing for the repayment of said loan by December 31,2009,
with interest on the declining balance of 1%per annum.
WHEREAS,property taxes fund over 60%of the revenues in the Emergency Rescue
Fund ,and
WHEREAS,there are insufficient funds within the Emergency Rescue Fund to meet
operating expenses during 2009 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 the amount of $325,000.00
from the Firemen’s Pension Fund to pay for operating expenses.
SECTION II
The loan shall be repaid by December 31,2009,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 thisr^'Nlav of February,2009.
SIGNED :
Mayor
A-ATTEST:
APPROVED asMo
2 City/Attorney