Resolution 2009-49

(A resolution establishing the Fire G/O Bond Debt Service Fund)

 WHEREAS, the voters approved a general obligation bond measure for the Fire Department (Measure 14-35) for which the City will be receiving property tax revenue beginning in FY 2009/10;

WHEREAS, the City has begun issuing bonds pursuant to Measure 14-35 and the property tax revenues received will be used to pay the debt service on the bonds;

WHEREAS, it is in the City’s best interests to establish a special revenue fund for the Fire G/O Bond debt service.
 NOW, THEREFORE, BE IT RESOLVED by the Hood River City Council that:

1 There shall be a special revenue fund designated as the Fire G/O Bond Debt Service Fund in the City’s budget for all property tax revenues received pursuant to Measure 14-35.

2. Expenditures of the funds will be restricted to payment of debt service on the G/O Bond.

3. The fund will be closed when the debt service on all bonds issued under Measure 14-35 is paid in full.

Approved by the Hood River City Council the 14 day of December, 2009, to take effect immediately.

       Arthur Babitz, Mayor
Jennifer McKenzie, City Recorder