12-16-2020 Council Packet - Laserfiche WebLink

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CITY OF LITTLE CANADA RAMSEY COUNTY STATE OF MINNESOTA Council member ______________________ introduced the following resolution and moved its adoption: RESOLUTION NO. 2020-12- RESOLUTION AUTHORIZING FOR AN INTERFUND LOAN IN CONNECTION WITH THE CANABURY CONDOS HOUSING IMPROVMEENT AREA (FUND 375). BE IT RESOLVED by the City Council (the "Council") of the City of Little Canada, Minnesota (the "City"), as follows: Section 1. Background. 1.01. The City has determined there is difference in the timing of the loan repayment for the Canabury Condos HIA and the receipt of the special assessments to repay this loan. 1.02. The City intends to reimburse the Fund from future special assessment payments received at the City. Section 2. Terms of Interfund Loan. 2.01. The City hereby authorizes the advance of up to $11,000 from the Fleur Royale HIA Debt Service Fund (Fund 463). The City shall reimburse itself for such advances together with interest at 4%. 2.02. Principal and interest ("Payments") on the Interfund Loan shall be paid annually. 2.03. The principal sum and all accrued interest payable under this Interfund Loan are pre-payable in whole or in part at any time by the City without premium or penalty. 2.04. This Interfund Loan is evidence of an internal borrowing by the City in accordance with Minnesota Statutes, Section 469.178, Subd. 7. This Interfund Loan and the interest hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of or interest on this Interfund Loan or other costs incident hereto. The City shall have no obligation to pay any principal amount of the Interfund Loan or accrued interest thereon, which may remain unpaid after the final Payment Date. 2.05. The City may amend the terms of this Interfund Loan at any time by resolution of the City Council, including a determination to forgive the outstanding principal amount and accrued interest to the extent permissible under law. Section 3. Effective Date. This resolution is effective upon the date of its approval. The motion for the adoption of the foregoing resolution was duly seconded by Council member _________________, and upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same: Dated: December 16, 2020 ATTEST: __________________________________ _____________________________________ John T. Keis, Mayor Christopher, Heineman, City Administrator