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RES. #12 -0/9 <br /> A RESOLUTION AUTHORIZING REPAYMENT OF A LOAN BETWEEN <br /> FUNDS <br /> WHEREAS, the City purchased certain property at 2085 Cedar Street, and <br /> WHEREAS, the property purchase was financed in part with a loan from the Sewer Fund <br /> to the General Fund as authorized by Resolution Number 007 -027, and <br /> WHEREAS, the loan in the amount of $400,000 was anticipated to be repaid with interest <br /> upon sale of the property at 7087 20 Avenue, and <br /> WHEREAS, the sale of the 20 Avenue property has not materialized as quickly as <br /> expected, and <br /> WHEREAS, the General Fund has adequate cash to repay the loan without causing the <br /> fund balance to drop below prescribed levels. <br /> NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF <br /> CENTERVILLE, MINNESOTA: <br /> The City Council hereby authorizes a permanent transfer of funds from the General Fund <br /> to the Sewer Fund in the amount of $400,000 plus accumulated interest to extinguish the <br /> loan. <br /> Adopted by the City Council this,ZZ of / , 2012. <br /> Tom Wilharber, Mayor <br /> - Attest: <br /> Teresa Bender, City Clerk <br />