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RESOLUTION NUMBER <br />A RESOLUTION AUTHORIZING PROJECT, PROJECT FUNDING PLAN AND <br />LOAN BETWEEN FUNDS. <br />WHEREAS, the City engineer has developed a feasibility report for the Downtown <br />Stormwater/Field Irrigation Project, and <br />WHEREAS, the estimated cost for construction of the improvement is determined to be <br />$440,708, and <br />WHEREAS, a portion of the will be constructed with grant money from the Clean Water <br />Legacy Fund and Rice Creek Watershed District, and <br />WHEREAS, there will initially be a shortage in funding that is proposed to be paid from <br />a loan from the Sanitary Sewer Fund #602. <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF <br />CENTERVILLE, MINNESOTA: <br />1) The Downtown Stormwater/Field Irrigation Project is hereby ordered as proposed by <br />the engineer and paid for in accordance with the attached financing plan (Exhibit A). <br />2) The City Council hereby authorizes a loan in the amount of $110,000 from the <br />Sanitary Sewer fund. Such loan shall be repaid from the Stormwater Fund #415 in <br />five annual installments beginning December 31, 2012, with interest at a rate of 1.5% <br />per annum in accordance with the payment/interest schedule attached as Exhibit B. <br />Adopted by the City Council this day of , 2010. <br />Mary Capra, Mayor <br />Attest: <br />Teresa Bender, City Clerk <br />