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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 6477 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />APPROVING TRANSFERS BETWEEN FUNDS FOR THE YEAR 2004 <br /> <br />WHEREAS, the City adopted budgets for various funds for 2004 that included <br />inter-fund transfers for various purposes; and <br /> <br />WHEREAS, the it is possible to reduce transfers from several other funds to the <br />General Fund due to positive 2004 financial results in the General Fund; and <br /> <br />WHEREAS, the Economic Development Authority received state grants during <br />2002 in reimbursement of moneys spent in 2001 on the Edgewood Regional Pond and <br />so only a reduced transfer is needed from the Tax Increment Financing Districts in 2004; <br />and <br /> <br />WHEREAS, the T.I.F. debt service funds experienced higher than expected <br />costs for contractual services and so need higher than budgeted transfers from the <br />T.I.F. Districts; and <br /> <br />WHEREAS, the T.I.F. District #1 received higher tax payments than anticipated <br />from the Mounds View Business Center and is obligated to transfer them to the Bonds <br />of 2001A debt service fund; and <br /> <br />WHEREAS, the T.I.F. Bonds 96B are considered to be pooled debt of the T.I.F. <br />Districts and may be supported by any of the districts; and <br /> <br />WHEREAS, T.I.F. District #3 has adequate funds on hand whereas T.I.F. District <br />#1 is in a deficit condition, making it preferable to support the debt service from T.I.F. <br />District #3. <br />