HomeMy WebLinkAboutResolution 5996
,
.
.
RESOLUTION NO. 5996
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESCINDING RESOLUTION 5968 AND RE-AUTHORIZING 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
WHEREAS, the City Council approved Resolution 5968 on March 10, 2003
which approved inter-fund loans and an interest rate on loans; and
WHEREAS, work on the audit revealed an error in Resolution 5968.
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of
Mounds View that Resolution 5968 is rescinded.
BE IT FURTHER RESOLVED THAT the following inter-fund loans are
authorized as of December 31,2002 and that they are authorized to continue through
2003:
Fund Extending Loan I Fund Receiving Loan Loan Amount
Community Fund i TI F District 1*1 $1,818,910
Special Projects Fund i MSA Construction Fund 100,821
Special Projects Fund ! Recycling Fund 2,687
-----'--.. - I
~p"~cial ETojects Fund Golf Course Fund 461,059 I
Vehicle & Equipment Fu..nd Golf Course Fund 306,828
Water Fund j Golf Course Fund 250,000
.....--
BE IT FURTHER RESOLVED THAT additional loans of up to $609,467 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 14th day of April 2003.
,
RESOLUTION 5996, page 2.
(SEAL)
ATTEST:
,j WWu..{) ~~Y0V'---
James Ericson, Interim City Administrator
.
.