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RESOLUTION Nth ea tipa. 9 -6 <br /> Authorizing interfund advance from Special Projects Fund to Golf Course. <br /> Aut g p <br /> CITY OF MOUNDS VIEW <br /> County of Ramsey <br /> State of Minnesota <br /> Councilor introduced the following resolution and moved its adoption: <br /> WHEREAS, the City issued bonds in 1994 to construct a golf course and driving range which have <br /> several covenants including requiring the City to maintain bond reserves of approximately$309,000. <br /> WHEREAS, the City constructed a golf course and later pursued legal action to correct construction <br /> deficiencies; and <br /> WHEREAS,the City settled its lawsuit out of court at an amount less than the cost to pay the associated <br /> legal fees and correct the construction deficiencies; and <br /> WHEREAS, the golf course has had interfund borrowings in the past but presently does not have <br /> adequate cash to meet its bond covenants. <br /> NOW THEREFORE,BE IT RESOLVED by the City Council of the City of Mounds View that City <br /> authorizes an additional$200,000 of interfund loans to be available to the golf course to meet its bond <br /> covenants. <br /> BE IT FURTHER RESOLVED that the actual amount to be made available on an annual basis shall <br /> not exceed the amount required to maintain the City's required bond reserves. <br /> • <br /> BE IT FURTHER RESOLVED that the golf course shall repay such amounts the earlier of: 1)when <br /> such funds are no longer needed to meet the required bond covenants;or 2)within two years after all the <br /> bonds have been repaid(year 2016). <br /> The motion for the adoption of the foregoing resolution was duly seconded by and the roll being call,the <br /> following vote was recorded: <br /> Voting Aye: . <br /> Voting Nay: . <br /> Not Voting: <br /> Whereas said resolution was declared to have been duly passed and adopted this 23rd day of August <br /> 1999. <br /> ATTEST: <br /> Mayor <br /> (SEAL) <br /> City Administrator <br />