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Council adopts $51,700 budget amendment for 8th Street debt-service fund
Summary
Council budgeted $51,700 into 8th Street Debt Service Fund No. 263 to receive and appropriate revenue and debt service payments related to an upsized 8th Street waterline project financed with a Business Oregon economic development grant arrangement.
City manager Spence explained that the 8th Street Debt Service Fund relates to an upsized waterline project that benefits private properties including the Bolen Hotel. Because the fund was newly established at the prior meeting, staff needed to adopt a budget for it; staff recommended budgeting $51,700 to allow the city to receive funds from a private entity and pay the state as debt service for the upsized line.
No public testimony was offered and councilor Davis moved the resolution; the council approved the budget amendment by roll call.
