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<br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION #09-0_ <br /> <br />A RESOLUTION AUTHORIZING A LOAN BETWEEN FUNDS <br /> <br />WHEREAS, the City purchased certain property at a cost of $650,000 in conjunction <br />with the 21st Avenue/Backage Road Improvement, and <br /> <br />WHEREAS, the portion of such property used for construction of the improvement and <br />related drainage structures and wetlands was determined to be $289,560, and <br /> <br />WHEREAS, the portion of the property that is determined to be excess property not <br />required for the road improvement is valued at $360,440. <br /> <br />WHEREAS, it would be cost effective and efficient to provide the temporary financing <br />from available fund balances in order to carry the cost of this property until it can be sold. <br /> <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF <br />CENTERVILLE, MINNESOTA: <br /> <br />1) The City Council hereby authorizes a loan in the amount of $360,440 from the <br />Sanitary Sewer fund to debt service fund number 348, (2006A G.O. Improvement <br />Bonds). <br /> <br />2) Such loan to Fund Number 348 shall be repaid upon the sale of the excess property <br />that is being financed. <br /> <br />3) Such loan shall bear interest at a rate of 1.5% annual interest to be charged from the <br />date of the transfer until repaid. A payment/interest schedule is attached as Exhibit A. <br /> <br />4) The City Council hereby authorizes a permanent transfer of funds in the amount of <br />$360,440 from Debt Service Fund Number 348, 2006A G.O. Improvement Bonds to <br />Fund Number 449, 2006 Municipal Improvement Fund to reimburse for the excess <br />cost paid from the construction fund. <br /> <br />Adopted by the City Council this 23rd day of September, 2009. <br /> <br />Mary Capra, Mayor <br /> <br />Attest: <br />Teresa Bender, City Clerk <br /> <br />Page 1 of I <br /> <br />34 <br />