(A resolution providing for a Debt Service Fund contingency transfer)
WHEREAS, ORS 294.450 allows the Agency to transfer a general contingency appropriation, when all such transfers do not exceed 15 percent of the total appropriations of the fund, within a fund when authorized by resolution of the governing body;
WHEREAS, the Urban Renewal Agency’s Debt Service Fund has contingency to cover unforeseen expenditures;
WHEREAS, electricity costs for the water feature at Overlook Park are estimated to be $1,000 for this fiscal year, which have not been budgeted;
WHEREAS, an agreement for tree maintenance work estimated to cost $3,550, which has not been budgeted;
WHEREAS, this contingency transfer does not exceed 15 percent of the total appropriations in the Debt Service Fund;
WHEREAS, a transfer and reappropriation of $4,550.00 from contingency to Other Material & Services in the Debt Service Fund is necessary;
NOW, THEREFORE, BE IT RESOLVED by the Urban Renewal Agency of the City of Hood River that:
The transfer and reappropriation of $4,550.00 from contingency to the operating budget in the Debt Service Fund is approved.
Approved by the Urban Renewal Agency of the City of Hood River the 17 day of June, 2010, to take effect immediately.
Robert D. Hastings, Chair
Jennifer McKenzie, City Recorder