HomeMy WebLinkAbout2013-138 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 13 -138
RESOLUTION APPROVING TRANSFERS FOR PARTIAL
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 from the General Fund and Dedicated Parks Fund, and,
WHEREAS, the Dedicated Parks fund balance was depleted in 2012, and,
WHEREAS, the City Council wishes to continue to pay the General Fund portion of the
payment plan.
NOW, THEREFORE, BE IT RESOLVED, by the Lino Lakes City Council that the
following transfers are approved to pay the General Fund portion of the 2013 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 $50,000.00
Adopted by the Council of the City of Lino Lakes this 9th day of December, 2011.
The motion for the adoption of the foregoing resolution was introduced by Council
Member
O' Donnell and was duly seconded by Council Member Rno gor
vote being taken thereon, the following voted in favor thereof:
O'Donnell, Roeser, Rafferty, Stoesz, R
The following voted against same:
none
ATTEST:
Juli. e Bartell, Cit Cler
and upon
Jeff Reinert, a or
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STAFF ORIGINATOR
MEETING DATE
TOPIC
VOTE REQUIRED
BACKGROUND
CITY COUNCIL
AGENDA ITEM lI
Al Rolek
12/9/13
Consideration of Resolution No. 13 -138 Approving
Transfers For Partial Installment Payment on Interfund
Loan For Recreation Complex Land
Simple Majority
The City Council approved Resolution No. 06 -212 providing for the repayment of the
interfund loan for the Recreation Complex land. In 2012, the Dedicated Parks fund balance
was depleted and the fund is not able to contribute 50% of the payment at this time. The
City Council has determined that the General Fund portion of the payment plan will
continue in the absence of the Dedicated Parks payment. Resolution No. 13 -138 approves
the transfers necessary to make the 2013 partial installment of the approved repayment
program.
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RECOMMENDATION
Staff recommends approval of Resolution No. 13 -138.
ATTACHMENTS
Resolution 13 -138.
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