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• CITY OF ST.ANTHONY <br /> RESOLUTION NO.05-050 <br /> AUTHORIZING INTERNAL LOANS FOR <br /> ADVANCE OF PUBLIC REDEVELOPMENT COSTS IN CONNECTION WITH <br /> TAX INCREMENT FINANCING DISTRICT NO.3-5 <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ST. ANTHONY, MINNESOTA <br /> (the"City")AS FOLLOWS: <br /> Section 1. Back rg ound. <br /> 1.01. Pursuant to Minnesota Statutes, Sections 469.174 to 469.179(the"TIF Act")the St. Anthony <br /> Housing and Redevelopment Authority (the "Authority") previously established Tax Increment Financing <br /> District No. 3-5 (the"TIF District")within the Redevelopment Project No. 3 (the "HRA Project"). <br /> 1.02. The Authority may incur certain costs related to the TIF Districts and Redevelopment Project, <br /> which costs may be financed on a temporary basis from available funds in the account for other tax increment <br /> financing districts administered by the Authority, or from other Authority or City funds available for such <br /> purposes. <br /> 1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the Authority and City are authorized to <br /> advance or loan money from any fund from which such advances may be legally made in order to finance <br /> • expenditures that are eligible to be paid with tax increments under the TIF Act. <br /> 1.04. On June 14, 2005, the Authority approved a resolution (the "Loan Resolution") authorizing an <br /> internal loan and setting the terms for reimbursement of public redevelopment costs of the Redevelopment <br /> Project to be repaid with tax increments from the respective TIF District. <br /> Section 2. Interfand Loans Authorized. <br /> 2.01. The City approves the interfund loan described in the Loan Resolution, and authorizes use <br /> of any unencumbered City or Authority funds available for such purposes under law as the source of the <br /> funds for the loan. <br /> 2.02. The City Chief Financial Officer is authorized and directed to determine the fund(s) or <br /> account(s) from which monies are drawn for the interfund loans, and to credit repayments under the Loan <br /> Resolution to the relevant fund(s)or account(s). <br /> 2.03. City staff and officials are authorized and directed to execute any collateral documents and <br /> take any other actions necessary to carry out the intent of this resolution. <br /> Approved by the City Council of the City of Sthony this 14th day of June,2005. <br /> Mayor <br /> • A ES//T:110— <br /> City Clerk <br /> Reviewed for Administration: <br /> ity Manager <br />