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6 <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766-4048 ADMINISTRATOR <br />www.ci.little- canada.mn.us Joel R. Hanson <br />MAYOR <br />Bill Blesener <br />COUNCIL <br />Jim LaValle <br />Rick Montour <br />Barbara Allan <br />John Keis <br />TO: <br />FROM: <br />RE: Remaining funds in "Restricted Fund" <br />DATE: November 3, 2006 <br />Mayor Blesener and City Council Members <br />Joel Hanson, City Administrator <br />Shelly Rueckert, Finance Director <br />The attached spreadsheet reflects the remaining funds associated with the <br />clean up costs for the Guerin site. From our reading of the Stipulation <br />Agreement the interest earned on the Restricted Funds is to be paid to the <br />Guerin Family Limited Partnership. <br />The City Attorney has reviewed the Stipulation Agreement and concurs with <br />this conclusion. <br />Therefore, staff is requesting Council's approval of a disbursement equal to <br />the $16,382.00 plus any additional interest earned through dates of <br />disbursement, which is anticipated to be November 9, 2006. <br />