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RESOLUTION NO. 6216 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION ATHORIZING INTERFUND LOANS FOR THE YEAR 2003 <br />AND SETTING AN INTEREST RATE ON INTER-FUND LOANS FOR THE YEAR 2004 <br /> <br /> WHEREAS, various inter-fund loans existed on December 31, 2002; and <br /> <br /> WHEREAS, operations during 2003 required adjustments to the balances of <br />existing loans and the creation of some new loans; and <br /> <br /> WHEREAS, there might be operating deficits in some TIF Funds during the year <br />2004 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, 2003 and that they be authorized to continue through <br />2004: <br />Fund Extending Loan Fund Receiving Loan Loan Amount <br />Community Fund TIF District #1 $815,951 <br />Community Fund Golf Course Fund 1,330,808 <br />Special Projects Fund Recycling Fund 398 <br />Special Projects Fund MSA Construction Fund 115,260 <br /> <br />BE IT FURTHER RESOLVED THAT additional loans of up to $362,483 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 2004. <br /> <br />BE IT FURTHER RESOLVED THAT all inter-fund loans shall pay interest at a <br />rate of 3.0% during the year 2004. <br /> <br />Adopted this 22nd day of March 2004. <br /> <br />ATTEST: <br /> ________________________________ <br /> Jerry Linke, Mayor <br />(SEAL) <br /> <br /> <br /> ________________________________ <br /> Kurt Ulrich, City Administrator