HomeMy WebLinkAboutRes 059 - Borrow Funds - Sunriver SD
For Recording Stamp Only
BEFORE THE GOVERNING BODY OF THE SUNRIVER SERVICE DISTRICT
A Resolution Authorizing the Operating Fund (715)
to Borrow from the Reserve Fund (716), Providing
for Repayment and Directing the District’s Finance
Director to Make Appropriate Entries.
REVIEWED
______________
LEGAL COUNSEL
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RESOLUTION NO. 2008-059 *
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WHEREAS, it is necessary that the Operating Fund (715) borrow $300,000 for operations until
revenues from taxes are received; and
WHEREAS, the Reserve Fund (716) has sufficient resources to make a loan to the Operating 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 Reserve Fund
(716) to the Operating Fund (715).
Section 2. Said loan (principal & interest) is to be repaid to the Reserve Funds no later than June 30,
2009.
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 _____ day of ____________________, 2008.
GOVERNING BODY OF THE SUNRIVER SERVICE
DISTRICT
_____________________________________________
DENNIS R. LUKE, Chair
ATTEST:
_____________________________________________
TAMMY MELTON, Vice Chair
_____________________________________________
______________________________ MICHAEL M. DALY, Commissioner
Recording Secretary
PAGE 1 OF 1 – RESOLUTION NO. 2008-059
Res 059 - Borrow Funds - Sunriver SD.doc