RES 1284RESOLUTION NO./2%4
A RESOLUTION authorizing the Emergency Rescue Fund to
borrow an amount not exceeding $1,000,000.00 from the General
Fund,and providing for the repayment of said loan by December
31,2014,with interest on the declining balance of 1%per annum .
WHEREAS,property taxes fund 40%of the revenues in the Emergency Rescue Fund,
and
WHEREAS,there are insufficient funds within the Emergency Rescue Fund to meet
operating expenses during 2013 until property taxes are collected,and w
WHEREAS,the Council desires to allow the Emergency Rescue Fund to borrow the
necessary funds from the General Fund to pay for such operating expenses shortfall,and
WHEREAS,the Council deems it advisable to provide authority to borrow an amount to
not exceed $1,000,000.00,and upon confirmation of the sum total of the amount necessary to
meet operating expenses during 2013,the Council shall consider and approve a supplemental
resolution establishing said sum.
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 an amount not to exceed
$1,000,000.00 from the General Fund to pay for operating expenses.
SECTION II
The loan shall be repaid by December 31,2014,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 this 16th day of December,2013.
SIGNED:
Mayor
ATTEST:
Clerk
APPROVED as to form :
City Attorney