RES 1182RESOLUTION NO.U &2-
A RESOLUTION authorizing the Water Sewer Fund to borrow
up to $1 ,000,000.00 from the Firemen’s Pension Fund ,and
providing for the repayment of said loan by December 31,2010,
with interest on the declining balance of 1 %per annum.
WHEREAS,there are insufficient funds within the Water Sewer Fund to meet operating
and construction expenses during 2010 until additional revenues are collected,and
WHEREAS,the Council desires to allow the Water Sewer 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 Water Sewer Fund is hereby authorized to borrow the amount of $1 ,000,000.00 from
the Firemen’s Pension Fund to pay for operating and construction expenses.
SECTION II
The loan shall be repaid by December 31 ,2010,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 thisC day of May ,2010.
\SIGNED:
Mayor
ATTEST:
Clerk(
APPROVED as to form:
,3
City Attorney