HomeMy WebLinkAboutResolution 98-41 06/15/1998
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CITY OF SPRINGFIELD, OREGON
RESOLUTION NO. 98-41
A RESOLUTION OF THE CITY OF SPRINGFIELD RECOGNIZING THE RETIREMENT
OF THE DEBT OBLIGATION ON SELECTED BANCROFT BOND ISSUES AND
ACKNOWLEDGING THE CITY'S ABILITY TO RE-APPROPRIATE THE REMAINING
RESOURCES.
WHEREAS, the City has heretofore established the Bancroft Fund (the "Fund") for the
purpose of receiving and holding the assessment installment payments needed to pay the principal
and interest on Series 1990-1 (the "Bonds") when due; and
WHEREAS, the Bonds have been fully paid and retired and thus the necessity for
maintaining the Fund has ceased to exist.
NOW, THEREFORE, IT IS HEREBY ORDERED BY THE CITY COUNCIL THAT, in
accordance with ORS 294.475, the Fund shall be abolished and the moneys and investments
remaining on deposit in the Fund shall be transferred to the General Fund and the Development
Projects Fund.
ADOPTED by the Common Council and approved by the Mayor of the City of
Spriegfield, <?regon, this 15th day of June 1998. Adopted by a vote of 5 for and
agamst.
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Mayor
ATTEST:
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REVIEWED" APPROVED .
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OFFICE OF CITY ATTORNEY