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e e e RESOLUTION NO. 6430 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA AUTHORIZING THE EXPENDITURE OF THE STREET SIGN MAINTENANCE FUNDS FOR THE CONVERSION OF TRAFFIC SIGNAL LIGHTS TO LED WHEREAS, the City currently is responsible for the electrical cost and minor maintenance associated with the operation of various traffic signals located within the City; and WHEREAS, Ramsey County has initiated a program to convert all traffic signals within their jurisdiction from using conventional light to LED lights and has offered to include three traffic signals, for which the City is currently responsible, in with their program at a total cost of 54290.86; and WHEREAS, the City will use Tax Increment Financing (TIF) to finance this project, if TIF is not an eligible funding source, the Street Sign Maintenance Department (Account 100-4475-5130) will finance this project with funds derived from the City's Contingency Account: and WHEREAS, the City Chilrler. Section 7.08 gives the City Council authority to amend the budget by resolution. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of f',,'lounds View. Ramsey County, Minnesota as follows: 1. The expenditure of funds from Street Sign Maintenance Funds derived from the City's Contingency Account for the conversion of traffic signal lights to LED is hereby authorized. 2. Tax Increment Financing (TIF) will be used to finance this project, if TIF is not an eligible funding source, the Street Sign Maintenance Department (Account 100-4475-5130) will finance this project with funds derived from the City's Contingency Account. 3. The Street Sign Maintenance Department (Account 100-4475-5130) will finance this project with funds derived from the City's Contingency Account. The 2005 Budget would be to be revised to reflect this allocation. 4. The 2005 Budget is hereby revised to reflect this allocation.