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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE * * * * * * * * * * * Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, County of Ramsey, Minnesota was duly held on the 8th day of November 2004 at 6:00 p.m. The following members were present: Schroeder, Kough, Maschka, Ihlan and Klausing and the following were absent: none Member Maschka introduced the following resolution and moved its adoption: RESOLUTION No. 10257 RESOLUTION APPROVING A PLAN TO FORGIVE THE INTERNAL LOAN MADE TO THE PARKS & RECREATION FUND, AND ELIMINATE THE PARKS INFRASTRUCTURE MAINTENANCE FUND WHEREAS, the Parks & Recreation Fund has an accumulated deficit of $1.2 million, which has necessitated the use of an intemalloan from the Parks Infrastructure Maintenance Fund; and WHEREAS, the Council has determined it appropriate to "forgive" the internal loan, and make the necessary adjustments to the City's financial statements; and WHEREAS, the Council has determined that as a result of the loan forgiveness, the Parks Infrastructure Maintenance Fund can no longer adequately meet its stated purpose. NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota, as follows: 1) The internal loan provided by the Parks Infrastructure Maintenance Fund to the Parks & Recreation Fund, is hereby forgiven. 2) The Parks Infrastructure Maintenance Fund is hereby closed, with all remaining monies to be transferred to the Park Maintenance Fund. The motion for the adoption of the foregoing resolution was duly seconded by Member Schroeder and upon a vote being taken thereon, the following voted in favor thereof: Schroeder, Kough, Maschka, Ihlan and Klausing and the following voted against the same: none. WHEREUPON, said resolution was declared duly passed and adopted.