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<br />RESOLUTION NO. t.J-5'-f I <br /> <br />RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS <br />FROM THE RESERVE FOR CAPITAL PROJECTS <br /> <br />The City Council of the City of Eugene finds that: <br /> <br />ORS 294.435(3) stipulates that".. .appropriations.. . shall, as a minimum, contain one amount for <br />each organizational unit.. .of each fund. In addition, separate amounts shall be appropriated in <br />each fund for debt service, special payments, interfund revenue transfers, capital outlay, operating <br />expenses which cannot be allocated to an organizational unit.. . and operating contingencies." <br /> <br />ORS 294.435(4) requires that".. .no greater expenditure.. .of public money shall be made for any <br />specific purpose than the amount appropriated therefor except as provided in ORS 294.450...." <br /> <br />The City's annual budget provides for a Reserve for Capital Projects not completed by June 30, <br />1997. The amount in the Reserve for Capital Projects is an estimate computed on the basis of <br />work remaining to be completed on the projects by June 30, 1997. This Resolution authorizes the <br />transfer of funds from the Reserve for Capital Projects to the respective departments administering <br />the capital projects and the transfer of any excess of funds therein to Interfund Transfer and <br />Balance Available accounts, as reflected on Exhibit "A". <br /> <br />ORS 294.450(1) authorizes".. . transfers of appropriations may be made within a given fund when <br />authorized by an official resolution... of the governing body. " <br /> <br />ORS 294.450(3) authorizes "Transfers of appropriations. ..from the general fund. any other <br />fund when authorized by an official resolution.. . of the governing body. " <br /> <br />The expenditures related to the transfers indicated on Exhibit "A" attached hereto, and by this <br />reference incorporated herein, have been determined necessary for the efficient operation of the <br />City, and should not be delayed to the next fiscal year. In order for the City to comply with ORS <br />294.435(3 and 4) the transfers indicated on Exhibit "A" attached hereto, must be authorized by <br />the Council prior to the expenditure of the funds. <br /> <br />NOW, THEREFORE, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal <br />Corporation of the State of Oregon, as follows: <br />Based upon the above findings, and in accordance with ORS 294.450, the Financial Management <br />Services Director is authorized and directed to make the transfer of appropriations as indicated on <br />the attached Exhibit "A" in the amounts and for the purposes stated. <br /> <br />The foregoing resolution adopted this /..3~ day of t1J~.J, 1997. <br /> <br />fr -- #/ 11.y <br /> <br />City Recpder <br />