(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