1221 Interfund Transfer

CITY OF ELGIN, OREGON RESOLUTION 1221 (2007)

A RESOLUTION OF THE CITY COUNCIL AUTHORIZING A TRANSFER OF GENERAL FUND CONTINGENCY APPROPRIATION TO THE INDUSTRIAL PARK DEBT FUND

WHEREAS: The City of Elgin has sold lands at the Boots Churchill Industrial Park, and;

WHEREAS: The Community Bank holds a mortgage note on those lands being sold, and;

WHEREAS: To provide a release of the mortgage attached to these lands, Community Bank requires that the sales proceeds be applied to the outstanding balance of the mortgage held by the Bank;

NOW THEREFORE BE IT RESOLVED:

That General Fund Contingency Appropriation be decrease by $60,000 and the Industrial Park Debt Fund Principal appropriation be increased by $60,000.  

PASSED AND ADOPTED this 13TH day of February 2007.