HomeMy WebLinkAbout2007-196 Council Resolution•
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Council Member t`� introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 07 -196
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 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 2007 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 26th day of November, 2007.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
and upon vote being taken thereon, the following voted in favor thereof:
The following voted against same:
Whereupon said resolution was declared duly passed and adopted.
a ne Bartell, Cit Cle
onnell, Acting Mayor
Adopted by the Lino Lakes City Council this 26th day of November, 2007.
The motion for the adoption of the foregoing resolution was duly seconded by
Council Member Stoltz and upon vote being taken thereon, the following voted in
favor thereof:
Carlson, Stoltz, O'Donnell, Reinert
The following voted against same:
None (Absent — Bergeson)
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AGENDA ITEM 1 E
STAFF ORIGINATOR Al Rolek
MEETING DATE November 26, 2007
TOPIC Consideration of Resolution 07 -196 Approving Transfers For
Installment Payment On Interfund Loan For Recreation Complex
Land
VOTE REQUIRED
Simple Majority
Last December the City Council approved Resolution 06 -212 providing for the repayment of the
interfund loan for the Recreation Complex land. The attached Resolution 07 -196 approves the
transfers necessary to make the 2007 installment of the approved repayment program. Staff
recommends approval of Resolution 07 -196.
1. Approve Resolution 07 -196.
2. Refer to Staff for further review.
3. Deny Resolution 07 -196.
Option 1