RES 1208RESOLUTION NO.f cXo%
A RESOLUTION modifying Resolution No.1182 by
extending the term for repayment of the loan from the Firemen's
Pension Fund to the Water Sewer Fund to December 31 ,2011 .
WHEREAS,on May 3 ,2010 the City Council adopted Resolution No.1182,which
authorized Water Sewer Fund to borrow up to $1,000,000.00 from the Firemen’s Pension Fund ,
and provided for the repayment of said loan by December 31,2010,and
WHEREAS,the City Council desires to extend the term for repayment of the loan to
December 31 ,2011 ,
NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CAMAS AS FOLLOWS:
I
The maturity date for the loan from the Firemen 's Pension Fund to the Water Sewer Fund
authorized by Resolution No.1182 is hereby extended from December 31,2010 to December 31,
2011 .
II
The extension granted herein is contingent upon the payment by the Water Sewer Fund to
the Firemen 's Pension Fund of all interest accrued from the date of said loan to December 31 ,
2010.
Ill
The unpaid balance of the loan shall continue to bear interest at the rate of 1 %per annum,
and there shall be no penalty for prepayment of all or part of the loan .
ADOPTED AT A REGULAR COUNCIL MEETING thi rpQ day of December,2010.
SIGNED:
Mayor
(^ATTEST:
Clerk
APPROVED as to form :
City Attorney