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Council member <br />move its adoption: <br />Bergeson <br />introduced the following resolution and <br />CITY OF LINO LAKES <br />RESOLUTION NO. 97 -140 <br />RESOLUTION TRANSFERRING FUNDS FROM T.I.F. DISTRICT 1 -1 TO THE TOWN <br />CENTER FUND FOR CITY INFRASTRUCTURE COSTS THEN CLOSING <br />T.I.F. DISTRICT 1 -1 FUND EFFECTIVE DECEMBER 31, 1997 <br />WHEREAS, T.I.F. District 1 -1 should be closed, and <br />WHEREAS, there is a balance in the account, and <br />WHEREAS, the Town Center project is within Development District 1, and <br />WHEREAS, increment collected in this district can be used for eligible expenses within the <br />development district. <br />NOW THEREFORE BE IT RESOLVED, that the following transfer be authorized and the fund be <br />closed effective December 31, 1997 <br />Town Center Fund (431) <br />T.I.F. 1 -1 (09/30/97) (407) <br />T.I.F. 1 -1 (Estimated 2nd half taxes) <br />T.I.F. 1 -1 (Estimated interest earnings) <br />Increase <br />$600,155 <br />Decrease <br />($474,155) <br />($120,000) <br />($ 6,000) <br />Adopted by the City Council of Lino Lakes this 13th day of October, 1997. <br />Marilyn G. Anderson, Clerk Treasurer <br />o n Landers - Mayor <br />The motion for the adoption of the foregoing resolution was duly seconded by Member <br />Kuether and upon vote being taken thereon, the following voted in favor thereof: <br />Bergeson, Kuether, Neal, Landers. <br />The following voted against same: None, Council Member Lyden was absent. <br />Where upon said resolution was declared duly passed and adopted: <br />