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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 5968 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION ATHORIZING INTERFUND LOANS FOR THE YEAR 2002 <br />AND SETTING AN INTEREST RATE ON LOANS <br /> <br />WHEREAS, various inter-fund loans existed on December 31,2001; and <br /> <br />WHEREAS, operations during 2002 required adjustments to the balances of <br />existing loans and the creation of some new loans; and <br /> <br />WHEREAS, there will be operating deficits in some TIF Funds during the year <br />2003 that will require additional inter-fund loans from the Community Fund. <br /> <br />NOW, THEREFORE BE IT RESOLVED, THAT the following inter-fund loans are <br />authorized as of December 31,2002 and that they be authorized to continue through <br />2003: <br /> <br />I Fund Extending Loan Fund Receiving Loan Loan Amount <br />hCommunitv Fund TIF District #1 $1,812,355 <br />I s~ecial Projects Fund MSA Construction Fund 100,821 <br /> S eci.?ll Projects Fund RecvclinQ Fund 2,687 <br />, Special Projects Fund Golf Course Fund 461,059 <br />~ehicle & Equipment Fund, Golf Course Fund 306,828 <br />I Water Fund Golf Course Fund 250,000 <br /> <br />BE IT FURTHER RESOLVED THAT additional loans of up to $616,022 may be <br />made from the Community Fund to any of the TIF District Funds, as needed, to cover <br />operating deficits during the year 2003. <br /> <br />BE IT FURTHER RESOLVED THAT all inter-fund loans shall pay interest at a <br />rate of 4.0% during the year 2003. <br /> <br />Adopted this 10th day of March 2003. <br /> <br />ATTEST: <br /> <br /> <br />(SEAL) <br /> <br />, <br /> <br />U&vvLe:.o ~~ <br />James Ericson, Interim City Administrator <br />