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<br /> <br />ervi{{e <br /> <br />T-st:abfisIied 11J57 <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION #07-0_ <br /> <br />A RESOLUTION AUTHORIZING A LOAN BETWEEN FUNDS. <br /> <br />1880 !Main Street. Cmtenli/k, 9.t!N 55038 <br />651-429-3232 or ~ 651-429-8629 <br /> <br />WHEREAS, the City purchased certain property at 1601 LaMotte Drive, and <br /> <br />WHEREAS, the Council has authorized certain improvements to the property to <br />establish its use as Hidden Spring Park, and <br /> <br />WHEREAS, temporary financing is needed to cover the cost of the improvements until <br />funds are available from developer fees for parks. <br /> <br />WHEREAS, it would be more cost effective and efficient to provide the temporary <br />financing from available fund balances rather than arranging for outside sources. <br /> <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNell.. OF <br />CENTERvn.LE, MINNESOTA: <br /> <br />1) The City Council hereby authorizes a short-term loan to the Park Fund from the <br />Sanitary Sewer fund to make such a loan. <br /> <br />2) Such loan shall be repaid according to the attached schedule beginning on September <br />1,2009, with interest at 6.0% from the date funds are transferred to the date repaid. <br /> <br />3) In the event that park fees are insufficient to make the following year's payment, the <br />required funds shall be included in the operating levy. <br /> <br />Adopted by the Council this _day of December, 2007. <br /> <br />Mary Capra, Mayor <br /> <br />Attest: <br />Teresa Bender, City Clerk <br /> <br />IcJ <br />