HomeMy WebLinkAboutResolution 5968
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RESOLUTION NO. 5968
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION ATHORIZING INTERFUND LOANS FOR THE YEAR 2002
AND SETTING AN INTEREST RATE ON LOANS
WHEREAS, various inter-fund loans existed on December 31,2001; and
WHEREAS, operations during 2002 required adjustments to the balances of
existing loans and the creation of some new loans; and
WHEREAS, there will be operating deficits in some TIF Funds during the year
2003 that will require additional inter-fund loans from the Community Fund.
NOW, THEREFORE BE IT RESOLVED, THAT the following inter-fund loans are
authorized as of December 31,2002 and that they be authorized to continue through
2003:
I Fund Extending Loan Fund Receiving Loan Loan Amount
hCommunitv Fund TIF District #1 $1,812,355
I s~ecial Projects Fund MSA Construction Fund 100,821
S eci.?ll Projects Fund RecvclinQ Fund 2,687
, Special Projects Fund Golf Course Fund 461,059
~ehicle & Equipment Fund, Golf Course Fund 306,828
I Water Fund Golf Course Fund 250,000
BE IT FURTHER RESOLVED THAT additional loans of up to $616,022 may be
made from the Community Fund to any of the TIF District Funds, as needed, to cover
operating deficits during the year 2003.
BE IT FURTHER RESOLVED THAT all inter-fund loans shall pay interest at a
rate of 4.0% during the year 2003.
Adopted this 10th day of March 2003.
ATTEST:
(SEAL)
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James Ericson, Interim City Administrator