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Council Member introduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 10 -108 <br />RESOLUTION AUTHORIZING AN INTERFUND LOAN FROM THE SANITARY <br />SEWER FUND TO THE 2005A G.O. IMPROVEMENT DEBT SERVICE FUND <br />WHEREAS, the 2005A G.O. Improvement Debt Service Fund currently has a cash <br />deficit due to delinquencies in the collection of special assessments, and <br />WHEREAS, an interim source of financing is necessary to service the outstanding debt, <br />and <br />WHEREAS, it is staffs recommendation that an interim interfund loan be made from the <br />Municipal Buildings and Facilities Fund until the delinquent special <br />assessments are collected or an alternative financing source is established, at <br />which time the interfund loan will be repaid. <br />NOW, THEREFORE BE IT RESOLVED by the City Council of Lino Lakes, that the <br />following interfund loan be authorized and recorded effective December 31, 2010: <br />Increase Decrease <br />2005A G.O. Imp Fund (327) $534,485 <br />Mun Buildings & Facilities Fund (401) $534,485 <br />The motion for the adoption of the foregoing resolution was duly seconded by Council <br />Member and upon vote being taken thereon, the following voted in favor <br />thereof: <br />The following voted against same: <br />Whereupon said resolution was declared duly passed and adopted. <br />Adopted by the City Council of Lino Lakes this 13th day of December 2010. <br />Jeff Reinert, Mayor <br />Julianne Bartell, City Clerk <br />• <br />• <br />• <br />