Laserfiche WebLink
CITY OF LINO LAKES <br />RESOLUTION NO. 14-145 <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 deficit due to <br />delinquencies in the collection of special assessments, and <br />WHEREAS, an interim source of financing is necessary to service the outstanding debt, 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 assessments are <br />collected 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 following <br />interfund loan be authorized and recorded effective December 31, 2014: <br />Increase Decrease <br />2005A G.O. Imp Fund (327) $235,000.00 <br />Mun Buildings & Facilities Fund (401) <br />$235,000.00 <br />Adopted by the Council of the City of Lino Lakes this 8th day of December, 2014. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />Roeser and was duly seconded by Council Member KustQrman and upon vote being <br />taken thereon, the following voted in favor thereof: <br />Roeser, Kusterman, Rafferty, <br />The following voted against same: <br />Absent - Stoesz <br />ATTEST: <br />is ne Bartell, City <br />lerk <br />Reinert <br />