01-34 - 06-05 - Authorize Inter-Fund Loan for Park Improvement Fund Resolution 01-34 June 5, 2001
Member Micks introduced the following resolution and moved its adoption:
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 of the final payment, in the amount of $250,000,
includes the issuance of an inter-fund loan from the Water and Sewer Utility Reserve Fund
(Fund 5000) in the amount of $250,000 in 2001.
NOW, THEREFORE, BE IT RESOLVED, that the City Council authorizes the inter-
fund loan in the amount of $250,000 from the Water and Sewer Utility Reserve Fund (Fund
5000) to the Park Improvement Fund (Fund 5600).
BE IT FURTHER RESOLVED that the City Council sets the term of this inter-fund
loan to be one year, with the principal amount to be paid off in the year 2002. The interest
on the unpaid balance of this inter-fund loan will accrue annually at the rate of 5%.
lC� ,
Mary E. derson, Mayor
ATTEST.-
Shirley
TTEST:Shirley J. Ion, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member LeSuer
and upon a vote being taken thereon, the following voted in favor thereof: Anderson,
LeSuer and Micks; and the following was absent: Bakken and Johnson; 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.