RES 1260RESOLUTION NO.jd&d
A RESOLUTION authorizing the Friberg Street Construction
Fund to borrow $90,000.00 from the Firemen's Pension Fund,and
providing for the repayment of said loan within 90 days with
interest on the declining balance at the rate of Vi %per annum.
WHEREAS,the City has contracted for design services in conjunction with the
improvement of Friberg Street ;and
WHEREAS,the estimated cost of the design cost is $90,000.00,which is a budgeted
item;and
WHEREAS,the design costs will be paid from the proceeds of a Federal Highway Grant ;
and
WHEREAS,the design costs have be incurred and there has been a delay in receiving the
grant funds;and
WHEREAS,there are sufficient funds available in the Firemen's Pension Fund to loan to
the Friberg Street Construction Fund for such expenditure,
NOW,THEREFORE,BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CAMAS AS FOLLOWS :
SECTION I
The Friberg Street Construction Fund is hereby authorized to borrow the amount of
$90,000.00 from the Firemen's Pension Fund to pay for design costs in conjunction with the
Friberg street improvement .
SECTION II
The loan plus accrued interest shall be repaid within 90 days or upon receipt of the grant
proceeds from the Federal Highway Grant,whichever shall first occur.
SECTION III
The unpaid balance shall bear interest at the rate of Vi %per annum.There shall be no
penalty for prepayment of all or part of the loan.
regular Council meeting day
SIGNED :
2013.JanuiADOPTEData
ayor
ATTEST:(
Clerk
APPROVED as to forrp:
City Attorney