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1 I" <br />` I rMIUMEBi <br />aUlu a <br />I <br />WHEREAS, the City Council has reviewed the loan terms from the previous resolution enacted on November <br />24, 2010; and <br />WHEREAS, the development in the community slowed significantly during the most recent recession; and <br />WHEREAS, there have not been sufficient park dedication revenues to pay off both principal and interest on <br />the interfund loan; and <br />WHEREAS, the City Council believes the Park and Recreation Committee should have sufficient funds for <br />both replacement of existing capital assets and implementation of new capital assets; and <br />WHEREAS, the interest payments and associated loan increases have proved burdensome to the Park Capital <br />Fund, <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Centerville that the existing <br />interfund loan is hereby modified to include a zero interest rate commencing from the date of inception; and <br />Be it further resolved, that the City Administrator and Finance Director are hereby authorized to make the <br />necessary accounting entries to re-establish the loan principal to the original $1,108,311.88. <br />Passed and Adopted by the City of Centerville this 11th day old" eptem.brn,-,°, 201 , <br />..............................................................................ha. <br />............................................................................................... <br />�� .U.:' your, Jeff <br />" .. .._ ��...�..m <br /> 'ity Clerk, .1'eresa l3en(Jer <br />