HomeMy WebLinkAboutResolution 6500RESOLUTION NO. 6500
CITY OF MOUNDS VIEW
COUNN OF RAMSEY
STATE OF MINNESOTA
RESOLUTION ATHORIZING INTERFUND LOANS FOR THE YEAR 2004
AND SETTING AN INTEREST RATE ON INTER-FUND LOANS FOR THE YEAR
2005
WHEREAS, various inter-fund loans existed on December 31, 2003; and,
WHEREAS, operations during 2004 required adjustments to the balances of
existing loans; and,
WHEREAS, there might be operating deficits in some TIF Funds during the
year 2005 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, 2004 and that they be authorized to continue
through 2005:
Fund Extending Loan Fund Receiving Loan Loan Amount
Community Fund TIF District #I $30,810
Community Fund Golf Course Fund $1,293,276
TOTAL $1,324,086
BE IT FURTHER RESOLVED THAT additional loans of up to $992,552 may
be made from the Community Fund to any of the TIF District Funds, as needed, to
cover operating deficits during the year 2005.
BE IT FURTHER RESOLVED THAT all inter-fund loans shall pay interest at a
rate of 3.0% during the year 2005.
Adopted this 25th day of April, 2005.
____________________________
Rob Marty, Mayor
ATTEST:
____________________________
Kurt Ulrich, City Administrator
(Seal)