HomeMy WebLinkAboutResolution 5829
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RESOLUTION NO. 5829
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 interfund loans existed on December 31,2001; and
WHEREAS, there will be operating deficits in the TIF Funds during the year 2002
that will require additional interfund loans from the Community Fund; and
WHEREAS, to provide equity between funds there should be a uniform interest
rate charged on interfund loans.
NOW, THEREFORE BE IT RESOLVED, THAT the following inter fund loans that
existed on December 31, 2001 be authorized to continue through 2002:
~_~l}nd~xtendirlg -~_oan ! Fu~_q. Receivi~g. L~Ein ! Loan Amount
i Community Fund i TIF District #1 $1,698,681
. Special Projects Fund ~cycling Fund- -- I . 16,135
LSpeclal Proje~ts Fund I Golf Cou-r-se Fund ... mT' .~_~ 2,23,514_
. Vehicl~& Equipm~_nt Fund Golf Course Fund . .__._____ 306,828
i Wate~fund Golf Course Fund_L.____~0,009
BE IT FURTHER RESOLVED THAT additional loans of up to $621,505 may be
made from the Community Fund to any of the TIF District Funds, as needed, to cover
operating deficits during the year 2002.
BE IT FURTHER RESOLVED THAT all interfund loans shall pay interest at a
rate of 4.5% during the year 2002.
Adopted this 26th day of August 2002.
ATTEST:
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Richard Sonterre, ayor
(SEAL)
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W{,CJ d'~tL,->
Kathl en F. Miller, City Administrator
Motion by: Quick
Second: Thomas
Sonterre: Aye
Stigney: Nay
Marty: Aye
Thomas: Aye
Quick: Aye