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1999-130 Council Resolution
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1999-130 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
12/20/1999
Council Meeting Type
Regular
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Council Member <br />moved its adoption: <br />introduced the following resolution and <br />CITY OF LINO LAKES <br />RESOLUTION 99 - 130 <br />RESOLUTION TRANSFERRING $279,490 DOLLARS FROM THE TOWN <br />CENTER INFRASTRUCTURE FUND TO THE CIVIC COMPLEX <br />CONSTRUCTION FUND AND THE INTERIM CONSTRUCTION FUND <br />WHEREAS, M.S. 469.174, Subd. 25 (4) defines tax increments to include <br />interest or other investment earnings on or from tax increments, and <br />WHEREAS, the definition was effective for investment eamings received after <br />July 1, 1997, and <br />WHEREAS, the investment earnings on TIF 1-1 and TIF 1-2 were earned prior to <br />July 1, 1997, and <br />WHEREAS, The city of Lino Lakes considered the investment earnings on the <br />TIF 1-1 and TIF 1-2 funds to be non- tax increment revenues, and <br />WHEREAS, through 12-31-96 the total investment earnings on the TIF 1-1 and <br />TIF1-2 funds were $220,066 and $59,424, respectively, and <br />WHEREAS, the city wishes to transfer these investment earning amounts to a <br />non -tax increment fund, and <br />WHEREAS, T.I.F. 1-1 and 1-2 were originally closed into the Town Center <br />Infrastructure Fund, and <br />NOW THEREFORE BE IT RESOLVED that the council does hereby authorize <br />the following transfer: $94,173 out of the Town Center Infrastructure fund and <br />into the Civic Complex Construction fund, and $185,317 out of the Town Center <br />Infrastructure fund and into the Interim Construction fund, for a total transfer of <br />$279,490 out of the Town Center Construction fund. <br />Town Center Infrastructure Fund(433) ($279,490) <br />Civic Complex Construction Fund (432) 94,173 <br />Interim Construction Fund(450) 185,317 <br />Adopted by the Lino Lakes City Council this 20th day of December, 1999. <br />
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