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• <br />• <br />Council Member 0' Donnellintroduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 06 -212 <br />RESOLUTION APPROVING A REPAYMENT PLAN FOR INTERFUND LOAN FOR <br />RECREATION COMPLEX LAND PURCHASE <br />WHEREAS, in 1999 the City purchased land for the purpose of creating a recreation complex, <br />and; <br />WHEREAS, a temporary interfund loan was made from the Area and Unit Fund (406) to the <br />Dedicated Parks Fund (405) for the purchase of said land, and; <br />WHEREAS, the interfund loan was intended to be repaid though a successful park improvement <br />referendum, and; <br />WHEREAS, such referendum was held in 2001 and did not pass, and; <br />WHEREAS, it is the intent of the City Council to approve a plan to repay the interfund loan. <br />NOW, THEREFORE, BE IT RESOLVED, by the Lino Lakes City Council that: <br />1) The repayment plan as shown on Exhibit A is hereby approved. <br />2) The source of the repayments shall be 50% from park dedication fees and 50% from the <br />General Fund. The General Fund contribution shall result from annual budget surpluses, <br />and shall be dedicated to the repayment of the interfund loan, pending fund balance <br />reserve requirements, until the loan is satisfied. Should the annual budget surplus be <br />large enough, in the opinion of the Finance Director, to dedicate a larger General Fund <br />contribution without impinging upon the integrity of the General Fund, the City Council <br />may authorize additional contributions on an annual basis. <br />3) Should the General Fund not experience a surplus in any given year, the General Fund <br />portion shall not be made, and the repayment schedule will be adjusted accordingly. <br />4) Should the city divest itself of this property, the proceeds from the sale will flow into the <br />Dedicated Parks fund to be used toward repaying any unpaid loan balance and /or <br />completing development in any of the remaining city parks. <br />Adopted by the Lino Lakes City Council this 18 day of December, 2006. <br />The motion for the adoption of the foregoing resolution was duly seconded by Council Member Reinert <br />and upon vote being taken thereon, the following voted in favor thereof: <br />O'Donnell, Reinert, Carlson, Stoltz, Bergeson <br />The following voted against same: <br />none <br />Whereupon said resolution was declared duly passed and adopted. <br />J ianne Bartell, City <br />Cler <br />Berge n, yor <br />