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^ Council member Bergeson introduced the following <br /> resolution and move its adoption: <br /> CITY OF LINO LAKES <br /> RESOLUTION NO. 98-80 <br /> RESOLUTION APPROVING ANNUAL TRANSFERS FROM <br /> TAX INCREMENT FUND 1-7 TO AREA & UNIT FUND, <br /> CLOSED BOND FUND AND SURFACE WATER MANAGEMENT FUND <br /> FOR ASSESSMENT PAYMENTS FOR RICE INDUSTRIES <br /> WHEREAS, T.I.F. assistance was given to Rice Industries for assessments,and <br /> WHEREAS, assessments owed to the City are to be paid with tax increments received, <br /> and <br /> WHEREAS, the City Tax Increment attorney has suggested an assessment schedule <br /> based on the estimated term of the district,and <br /> WHEREAS, the City has developed the assessment schedule with a 10% interest rate, <br /> and <br /> WHEREAS,the schedule may be altered as increment is received. <br /> NOW THEREFORE BE IT RESOLVED, that the attached assessment schedule transfer <br /> be approved. <br /> Adopted by the City Council of Lino Lakes this th d of n 8. <br /> Ki erly livan - Mayor <br /> Maril n G. Anderson, Clerk Treasurer <br /> The motion for the adoption of the foregoing resolution was duly seconded by Council <br /> Member Lyden and upon vote being taken thereon,the following voted in favor thereof: <br /> Bergeson, Dahl, Neal, Lyden, Sullivan. <br /> The following voted against same: none. <br /> Where upon said resolution was declared duly passed and adopted: <br />