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Council member Bergeson introduced the following <br />resolution and move its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 98-80 <br />RESOLUTION APPROVING ANNUAL TRANSFERS FROM <br />TAX INCREMENT FUND 1-7 TO AREA & UNIT FUND, <br />CLOSED BOND FUND AND SURFACE WATER MANAGEMENT FUND <br />FOR ASSESSMENT PAYMENTS FOR RICE INDUSTRIES <br />WHEREAS, T.I.F. assistance was given to Rice Industries for assessments, and <br />WHEREAS, assessments owed to the City are to be paid with tax increments received, <br />and <br />WHEREAS, the City Tax Increment attorney has suggested an assessment schedule <br />based on the estimated term of the district, and <br />WHEREAS, the City has developed the assessment schedule with a 10% interest rate, <br />and <br />WHEREAS, the schedule may be altered as increment is received. <br />NOW THEREFORE BE IT RESOLVED, that the attached assessment schedule transfer <br />be approved. % <br />Adopted by the City Council of Lino Lakes this th d <br />Marilyn G. Anderson, Clerk Treasurer <br />Ki • - livan - Mayor <br />The motion for the adoption of the foregoing resolution was duly seconded by Council <br />Member Lyden and upon vote being taken thereon, the following voted in favor thereof: <br />Bergeson, Dahl, Neal, Lyden, Sullivan. <br />The following voted against same: none. <br />Where upon said resolution was declared duly passed and adopted: <br />