99-064 - 08-02 - Authorizing Inter-Fund Loan Park Improvement Fund Set Terms of Inter-Fund LoanResolution 99-64
August 2, 1999
• Member Johnson introduced the following resolution and moved its adoption:
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RESOLUTION AUTHORIZING AN INTER -FUND LOAN FOR THE PARK
IMPROVEMENT FUND AND SETTING THE TERMS OF THIS INTER -FUND LOAN
WHEREAS, the City Council has approved the purchase of Honeywell land; and
WHEREAS, the projected financing includes the issuance of an inter -fund loan from
the Water and Sewer Utility Reserve Fund (Fund 27) in the amount of $400,000 in 1999.
NOW, THEREFORE, BE IT RESOLVED, that the City Council authorizes the
interfund loan in the amount of $400,000 from the Water and Sewer Utility Reserve Fund
(Fund 27) to the Park Improvement Fund (Fund 37).
BE IT FURTHER RESOLVED that the City Council sets the term of this inter -fund
loan to be two years with the principal amount to be paid off evenly starting in the year
2000. The interest on the unpaid balance of this inter -fund loan will accrue annually at the
rate of 5%.
Mary E. derson, Mayor
ATTEST:
r'
hirley J. son, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Bakken
and upon a vote being taken thereon, the following voted in favor thereof: Anderson,
Bakken, Johnson, LeSuer and Micks; and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and her signature attested by the City Clerk.