HomeMy WebLinkAbout2011-122 Council Resolution• Council MemberGallup
adoption: introduced the following resolution and moved its
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CITY OF LINO LAKES
RESOLUTION NO. 11 -122
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 2011 installment on the Recreation
Complex Interfund Loan:
From To Amount
General Fund Dedicated Parks Fund $55,000.00
Dedicated Parks Fund Area and Unit Fund $100,000.00
Adopted by the Lino Lakes City Council this 28th day of November, 2011.
The motion for the ado tionn of the foregoing resolution was duly seconded by
Council Member' Do ne &nd upon vote being taken thereon, the following
voted in favor thereof:
Gallup, O'Donnell, Rafferty, Reinert, Roeser
The following voted against same:
none
Whereupon said resolution was declared duly passed
i- nne Bartell, • ity Clerk
Jeff Rein= , n yor
RECOMMENDATION
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AGENDA ITEM 1H
STAFF ORIGINATOR Al Rolek
MEETING DATE 11/28/11
TOPIC Consideration of Resolution No. 11 -122 Approving Transfers For
Installment Payment On Interfund Loan For Recreation Complex
Land
VOTE REQUIRED
BACKGROUND
Simple Majority
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. 11 -122 approves the transfers
necessary to make the 2011 installment of the approved repayment program. Staff recommends
approval of Resolution No. 11 -122.
OPTIONS
1. Approve Resolution No. 11 -122.
2. Refer to Staff for further review.
Option 1