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• <br />Council MemberGallup introduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 11 -121 <br />RESOLUTION AUTHORIZING AN INTERFUND LOAN FROM THE MUNICIPAL <br />BUILDINGS AND FACILITIES FUND TO THE 2005A G.O. IMPROVEMENT DEBT <br />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 />S 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) $535,020.00 <br />Mun Buildings & Facilities Fund (401) $535,020.00 <br />The motion for the adoption of the foregoing resolution was duly seconded by Council <br />Member0' Donnelland upon vote being taken thereon, the following voted in favor <br />thereof: <br />Gallup, O'Donnell, Rafferty, Roeser, Reinert <br />The following voted against same: <br />none <br />Whereupon said resolution was declared duly passed and adopted. <br />Adopted by the City Council of Lino Lakes this 28th day of November 2011. <br />Jeff Rein =' , raj/or <br />-\10 <br />Juli. ne Bartell, City •lerk <br />