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CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />RESOLUTION NO. 2011 -012 <br />RESOLUTION AUTHORIZING CITY FUNDS BE SET ASIDE FOR THE STATE <br />MATCHING GRANT FOR WATER SYSTEM IMPROVEMENTS <br />WHEREAS, the City of Lake Elmo has requested a matching Grant from the <br />State of Minnesota in the amount of one million dollars for specific Water infrastructure <br />improvements; and <br />WHEREAS, the City intends to issue bonds for water infrastructure projects <br />undertaken, including those for which State Matching Grant funds will be utilized; and <br />WHEREAS, the State requires, as part of the Grant approval process, that the City <br />set aside one million dollars from the City's reserve funds to the General Fund in order to <br />demonstrate its capability to matching State funds; and <br />WHEREAS, this set aside will be fully recompensed when bond proceeds are <br />received. <br />NOW, THEREFORE BE IT RESOLVED, The City Council directs the transfer <br />of one million dollars from the reserve account to the General Fund for the State <br />Matching Grant, until such time as funds are obtained through bond proceeds. <br />BE IT FURTHER RESOLVED, that the City Council directs a Budget <br />Adjustment by undertaken to demonstrate that the full impact to the City's General <br />operating and reserve Funds will be revenue neutral by this action, should the City <br />proceed with the proposed improvements, Grant Agreement, and subsequent Bond sale. <br />ADOPTED, by the Lake Elmo City Council on April 05, 2011� <br />Dean Johnston, Mayor <br />Sharon Lumby, City Clerk —_��_ <br />