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Resolution 2009-50

(A resolution establishing the USDA Waterline Phase I Special Revenue Fund)


 WHEREAS, the City is approved for a loan from the United States Department of Agriculture, Rural Development, Rural Utilities Service (RUS) for Phase I construction of the City’s new water transmission main;

WHEREAS, the City is required as a condition of the loan to establish a special revenue fund to budget for Phase I construction of the City’s new water transmission main;

WHEREAS, it is in the City’s best interests to establish a special revenue fund for Phase I construction of the City’s new water transmission main.
 
 NOW, THEREFORE, BE IT RESOLVED by the Hood River City Council that:

1. There shall be a special revenue fund designated as the USDA Waterline Phase I Service Fund in the City’s budget.    All loan proceeds from the RUS __________ loan will be placed in this fund.

2. Expenditures of the funds will be restricted to payment of budged project costs for Phase I construction of the City’s new water transmission main.

3. The fund will be closed at Phase I project completion.

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

       ___________________________
       Arthur Babitz, Mayor
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Jennifer McKenzie, City Recorder