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<br />, <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 5996 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESCINDING RESOLUTION 5968 AND RE-AUTHORIZING INTERFUND LOANS <br />FOR THE YEAR 2002 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 />WHEREAS, the City Council approved Resolution 5968 on March 10, 2003 <br />which approved inter-fund loans and an interest rate on loans; and <br /> <br />WHEREAS, work on the audit revealed an error in Resolution 5968. <br /> <br />NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of <br />Mounds View that Resolution 5968 is rescinded. <br /> <br />BE IT FURTHER RESOLVED THAT the following inter-fund loans are <br />authorized as of December 31,2002 and that they are authorized to continue through <br />2003: <br /> <br />Fund Extending Loan I Fund Receiving Loan Loan Amount <br />Community Fund i TI F District 1*1 $1,818,910 <br />Special Projects Fund i MSA Construction Fund 100,821 <br />Special Projects Fund ! Recycling Fund 2,687 <br />-----'--.. - I <br />~p"~cial ETojects Fund Golf Course Fund 461,059 I <br />Vehicle & Equipment Fu..nd Golf Course Fund 306,828 <br />Water Fund j Golf Course Fund 250,000 <br />.....-- <br /> <br />BE IT FURTHER RESOLVED THAT additional loans of up to $609,467 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 14th day of April 2003. <br />