HomeMy WebLinkAbout2008-142 Council Resolution• Council Member Stoltz
adoption: introduced the following resolution and moved its
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CITY OF LINO LAKES
RESOLUTION NO. 08 -142
RESOLUTION APPROVING TRANSFERS FOR INSTALLMENT
PAYMENT ON INTERFUND LOAN FOR RECREATION COMPLEX LAND
WHEREAS, in 1999 the City purchased land for the purpose of creating a
recreation complex, and;
WHEREAS, a temporary interfund loan was made from the Area and Unit Fund
(406) to the Dedicated Parks Fund (405) for the purchase of said land, and;
WHEREAS, the City Council to approved Resolution No. 06 -212 providing for a
plan to repay the interfund loan.
NOW, THEREFORE, BE IT RESOLVED, by the Lino Lakes City Council that the
following transfers are approved to pay the 2008 installment on the Recreation
Complex Interfund Loan:
From To Amount
General Fund Dedicated Parks Fund $50,000.00
Dedicated Parks Fund Area and Unit Fund $100,000.00
Adopted by the Lino Lakes City Council this 8th day of December, 2008.
The motion for the adoption of the foregoing resolution was duly seconded by
Council Member Gallup and upon vote being taken thereon, the following
voted in favor thereof:
Stoltz, Gallup, Reinert, O'Donnell, Bergeson
The following voted against same:
none
Whereupon said resolution was declared duly passed and adopted.
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AGENDA ITEM 1G
STAFF ORIGINATOR: Al Rolek
MEETING DATE: 12/8/08
TOPIC: Consideration of Resolution No. 08 -142 Approving
Transfers for Installment Payment on Interfund Loan
for Recreation Complex Land
VOTE REQUIRED: Simple Majority
BACKGROUND
Last December the City Council approved Resolution No. 06 -212 providing for the
repayment of the interfund loan for the Recreation Complex land. The attached
Resolution No. 08 -142 approves the transfers necessary to make the 2008
installment of the approved repayment program. Staff recommends approval of
Resolution No. 08 -142.
OPTIONS
1. Approve Resolution No. 08 -142.
2. Refer to Staff for further review.
3. Deny Resolution No. 08 -142.
RECOMMENDATIONS
Option 1