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Resolution 2009-51

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


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

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

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

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

       ___________________________
       Arthur Babitz, Mayor
_____________________________
Jennifer McKenzie, City Recorder