2007-1284-Resolution No. 2007-079 Recorded 6/26/2007REVIEWED
LEGAL COUNSEL
COUNTY
NANCYUTES BLANKENSHIP,FFICIAL COUNTY CLERKS CJ 7041.1784
COMMISSIONERS' JOURNAL 06/16/1007 03g01s33 PM
2007p1284u�ii��u�
For Recording Stamp Only
BEFORE THE GOVERNING BODY OF THE SUNRIVER SERVICE DISTRICT
A Resolution Authorizing the Operating Fund to
Borrow from the Reserves Fund, Providing for
Repayment and Directing the District's Finance
Director to Make Appropriate Entries.
* RESOLUTION NO. 2007-079
*
WHEREAS, it is necessary that the Operating Fund (Fund 715) borrow $300,000 for operations until
revenues from taxes are received; and
WHEREAS, the Reserves Fund (Fund 716) has sufficient resources to make a loan to the Operating
Fund (Fund 715); now therefore,
BE IT RESOLVED BY THE GOVERNING BODY OF THE SUNRIVER SERVICE DISTRICT as
follows:
Section 1. The Sunriver Service District Finance Director is hereby authorized to transfer funds, the
aggregate not to exceed THREE HUNDRED THOUSAND DOLLARS ($300,000) from the Reserves Fund
(Fund 716) to the Operating Fund (Fund 715).
2008. Section 2. Said loan (principal & interest) is to be repaid to the Reserves Funds no later than June 30,
Section 3. Interest shall accrue at the annual earnings rate based on the District's actual earning rate and
will be paid with the repayment.
Section 2. That the Finance Director is hereby directed to make such entries in the records of the
District for the fiscal year 2007-2008 as are necessary to reflect these transactions
DATED this a qday of 12007.
GOVERNING BODY OF THE SUNRIVER SERVICE
DISTRICT
ATTEST:
Recording Secretary
PAGE 1 OF 1 — RESOLUTION NO. 2007-079 (06/20/07)
] 1020-034 305.doc
SUNRIVER SERVICE DISTRICT
Managing Board
Resolution to Request Borrowing From the Reserve Fund
(Fund 716) to Finance the Operating Fund (Fund 715) Until
Fiscal Year 2007-2008 Tax Proceeds are Received
R2007-006
Whereas the Sunriver Service District was created on June 12, 2002 by
Order No. 2002-085 of the Deschutes County Commissioners, and.
Whereas the Deschutes County Commissioners, acting as the Governing
Board of the Sunriver Service District on June 26, 2002 in Agreement No.
2002-147 did specify that the Sunriver Service District (hereafter "District")
provide law enforcement, fire prevention and protection services,
emergency medical services including ambulance, security services by
contract, and
Whereas the Deschutes County Commissioners, acting as the Governing
Body of the District on June 26, 2002 in the Memorandum of
Understanding Contract No. 2002-201 and Agreement No. 2002-147 did
delegate managing authority for the District to the District Managing Board
(hereafter "Board" created within these documents, and
Whereas it is necessary to borrow money from Reserve Fund (Fund 716) to
finance Operating Fund (Fund 715) until Fiscal Year 2007-2008 tax
proceeds become available.
Now, Therefore it is resolved by the Board that the Governing Body be
requested to approve borrowing up to $300,000 from Reserve Fund (Fund
716) to finance the Operating Fund (Fund 715) until Fiscal Year 2007-2008
tax proceeds become available and that Fund 716 funds shall be repaid with
accrued interest no later than June 30, 2008. Further that this will be
approved not later than June 30, 2007.
Page I of 2
R2007-006
SUNRIVER SERVICE DISTRICT
Managing Board
Resolution to Request Borrowing From the Reserve Fund
(Fund 716) to Finance the Operating Fund (Fund 715) Until
Fiscal Year 2007-2008 Tax Proceeds are Received
82007-006
Dated *Is 10`x' RfWay, 2007
Doug S
- C
Al Braemer, Director �~
Page 2 of 2
Tom Gunn, Director
kr
anna2nD i
82007-006