HomeMy WebLinkAboutResolution 2011-012CITY OF LAKE ELMO
WASHINGTON COUNTY, MINNESOTA
RESOLUTION NO. 2011 -012
RESOLUTION AUTHORIZING CITY FUNDS BE SET ASIDE FOR THE STATE
MATCHING GRANT FOR WATER SYSTEM IMPROVEMENTS
WHEREAS, the City of Lake Elmo has requested a matching Grant from the
State of Minnesota in the amount of one million dollars for specific Water infrastructure
improvements; and
WHEREAS, the City intends to issue bonds for water infrastructure projects
undertaken, including those for which State Matching Grant funds will be utilized; and
WHEREAS, the State requires, as part of the Grant approval process, that the City
set aside one million dollars from the City's reserve funds to the General Fund in order to
demonstrate its capability to matching State funds; and
WHEREAS, this set aside will be fully recompensed when bond proceeds are
received.
NOW, THEREFORE BE IT RESOLVED, The City Council directs the transfer
of one million dollars from the reserve account to the General Fund for the State
Matching Grant, until such time as funds are obtained through bond proceeds.
BE IT FURTHER RESOLVED, that the City Council directs a Budget
Adjustment by undertaken to demonstrate that the full impact to the City's General
operating and reserve Funds will be revenue neutral by this action, should the City
proceed with the proposed improvements, Grant Agreement, and subsequent Bond sale.
ADOPTED, by the Lake Elmo City Council on April 05, 2011�
Dean Johnston, Mayor
Sharon Lumby, City Clerk —_��_