Laserfiche WebLink
CITY OF LINO LAKES <br />RESOLUTION NO. 15-147 <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 <br />to 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 staff's recommendation that an interim interfund loan be made from the <br />Municipal Buildings and Facilities Fund until the delinquent special assessments are collected or an <br />alternative financing source is established, at which time the interfund loan will be repaid. <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes, <br />that the following interfund loan be authorized and recorded effective December 31, 2015: <br />Increase <br />2005A G.O. Imp Fund (327) $382,000.00 <br />Municipal Bldgs & Facilities Fund (401) <br />Decrease <br />$382,000.00 <br />Adopted by the Council of the City of Lino Lakes this 14th day of December, 2015. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />Kusterman and was duly seconded by Council Member Roeser and upon <br />vote being taken thereon, the following voted in favor thereof: <br />Kusterman, Roeser, Rafferty, Stoesz, Reinert <br />The following voted against same: <br />none <br />ATTEST: <br />an e Bartell, City lerk <br />