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RESOLUTION # <br />CITY COUNCIL OF PARK RAPIDS <br />WHEREAS, the City of Park Rapids, Minnesota, has received a <br />$1,247,216 (One Million Two Hundred Forty -Seven Thousand Two <br />Hundred Sixteen Dollar) Industrial Revenue Bond Allocation from <br />the State of Minnesota and, <br />WHEREAS, the City of Park Rapids, Minnesota, does not intend <br />to utilize its full allocation and must reallocate it to another <br />city or return it to the State of Minnesota by September 1, 1985, <br />and, <br />WHEREAS, the City of Little Canada, Minnesota, has an eli- <br />gible project that requires additional Industrial Revenue Bond <br />Allocation, <br />THEREFORE BE IT RESOLVED, <br />1. That the City Council of Park Rapids, Minnesota, does hereby <br />agree to allocate $1,247,216 (One Million Two Hundred <br />Forty -Seven Thousand Dollars) of its IDB Allocation to the <br />City of Little Canada, Minnesota. <br />2. The City Council of Park Rapids, Minnesota, agrees to exe- <br />cute the required joint powers agreements with the City of <br />Little Canada, Minnesota, to effect this transfer. <br />3. The City of Park Rapids, Minnesota, acknowledges receipt of <br />$0.0 of a $6,236.08 (Six Thousand Two Hundred Thirty -Six <br />Dollars and Eight Cents) administrative fee for this alloca- <br />tion, and this transaction will not take effect until the <br />balance of the fee, $6,236.08 (Six Thousand Two Hundred <br />Thirty -Six Dollars and Eight Cents), is paid to the City of <br />Park Rapids. <br />Dated <br />By <br />Mayor <br />City Clerk /Administrator <br />32 <br />