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RESOLUTION NO. 5829 <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 interfund loans existed on December 31, 2001; and <br /> <br /> WHEREAS, there will be operating deficits in the TIF Funds during the year 2002 <br />that will require additional interfund loans from the Community Fund; and <br /> <br /> WHEREAS, to provide equity between funds there should be a uniform interest <br />rate charged on interfund loans. <br /> <br />NOW, THEREFORE BE IT RESOLVED, THAT the following inter fund loans that <br />existed on December 31, 2001 be authorized to continue through 2002: <br />Fund Extending Loan Fund Receiving Loan Loan Amount <br />Community Fund TIF District #1 $1,698,681 <br />Special Projects Fund Recycling Fund 16,135 <br />Special Projects Fund Golf Course Fund 223,514 <br />Vehicle & Equipment Fund Golf Course Fund 306,828 <br />Water Fund Golf Course Fund 250,000 <br /> <br />BE IT FURTHER RESOLVED THAT additional loans of up to $621,505 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 2002. <br /> <br />BE IT FURTHER RESOLVED THAT all interfund loans shall pay interest at a <br />rate of 4.5% during the year 2002. <br /> <br />Adopted this 26th day of August 2002. <br /> <br />ATTEST: <br /> ________________________________ <br /> Richard Sonterre, Mayor <br />(SEAL) <br /> <br /> <br /> ________________________________ <br /> Kathleen F. Miller, City Administrator <br /> <br />Motion by: <br />Second: <br /> <br />Sonterre: <br />Stigney: <br />Marty: <br />Thomas: <br />Quick: