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<br />RESOLUTION NO. If S? 6 <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 each <br />organizational unit.. .of each fund. In addition, separate amounts shall be appropriated in each fund <br />for debt service, special payments, interfund revenue transfers, capital outlay, operating expenses <br />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, 1998. <br />The amount in the Reserve for Capital Projects is an estimate computed on the basis of work <br />remaining to be completed on the projects by June 30, 1998. This Resolution authorizes the transfer <br />offunds from the Reserve for Capital Projects to the respective departments administering the capital <br />projects and the transfer of any excess of funds therein to Balance Available accounts, as reflected <br />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...ofthe 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 City, <br />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 the <br />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 reso ution adopted this / ~ tit day of tf2cZhI1../ , 1998. <br />_41f <br /> <br />City Recorder <br />