Resolution 2012 - 30
(A resolution authorizing an interfund capital loan)
WHEREAS, ORS 294.468 permits interfund loans for the acquisition of capital items;
WHEREAS, ORS 294.468 provides that interfund capital loans may bear the interest rate equal to the local government investment pool’s rate immediately prior to the adoption of the resolution authorizing the loan;
WHEREAS, the last published rate of interest at the Local Government Investment Pool is .60%;
WHEREAS, the Police Department desires to acquire a patrol vehicle;
WHEREAS, the Equipment Replacement Fund has funds which may be loaned to the General Fund;
WHEREAS, it is financially advantageous to the City to internally finance the purchase of this vehicle rather than securing external financing;
NOW, THEREFORE, BE IT RESOLVED by the Hood River City Council that the Equipment Replacement Fund is authorized to loan the General Fund $42,651 at the rate of .60%. Repayment of the loan will be made over three years per the attached debt service schedule.
Approved by the Hood River City Council on this 10 day of September, 2012, to take effect immediately.
Arthur Babitz, Mayor
Jennifer Gray, City Recorder