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RESOLUTION NO. 6500 <br /> <br />CITY OF MOUNDS VIEW <br />COUNN OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION ATHORIZING INTERFUND LOANS FOR THE YEAR 2004 <br />AND SETTING AN INTEREST RATE ON INTER-FUND LOANS FOR THE YEAR <br />2005 <br /> <br />WHEREAS, various inter-fund loans existed on December 31, 2003; and, <br /> <br />WHEREAS, operations during 2004 required adjustments to the balances of <br />existing loans; and, <br /> <br />WHEREAS, there might be operating deficits in some TIF Funds during the <br />year 2005 that will require additional inter-fund loans from the Community Fund. <br /> <br />NOW, THEREFORE BE IT RESOLVED, THAT the following inter-fund loans <br />are authorized as of December 31, 2004 and that they be authorized to continue <br />through 2005: <br /> <br />Fund Extending Loan Fund Receiving Loan Loan Amount <br />Community Fund TIF District #I $30,810 <br />Community Fund Golf Course Fund $1,293,276 <br /> TOTAL $1,324,086 <br /> <br />BE IT FURTHER RESOLVED THAT additional loans of up to $992,552 may <br />be made from the Community Fund to any of the TIF District Funds, as needed, to <br />cover operating deficits during the year 2005. <br /> <br />BE IT FURTHER RESOLVED THAT all inter-fund loans shall pay interest at a <br />rate of 3.0% during the year 2005. <br /> <br />Adopted this 25th day of April, 2005. <br /> <br /> <br /> ____________________________ <br />Rob Marty, Mayor <br /> <br />ATTEST: <br />____________________________ <br />Kurt Ulrich, City Administrator <br /> <br /> <br />(Seal)