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Council Member <br />introduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 08 -137 <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 />Sanitary Sewer Fund until the delinquent special assessments are collected <br />or an alternative financing source is established, at which time the interfund <br />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, 2008: <br />Increase Decrease <br />• <br />• <br />2005A G.O. Imp Fund (327) $25,000 <br />Sanitary Sewer Fund (602) $25,000 <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: 1 <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 8th day of December, 2008. <br />John Bergeson, Mayor <br />Julianne Bartell, City Clerk <br />• <br />