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EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br />� � � � � ■ <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Roseville, County of Ramsey, Minnesota was duly held on the 8th day of November 2004 at <br />6:00 p.m. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION <br />RESOLUTION APPROVING A PLAN TO FORGIVE THE INTERNAL LOAN MADE <br />TO THE PARKS & RECREATION FUND, AND ELIMINATE THE PARKS <br />INFRASTRUCTURE MAINTENANCE FUND <br />WI�REAS, the Parks & Recreation Fund has an accumulated deficit of $1.2 million, which has <br />necessitated the use of an internal loan from the Parks Infrastructure Maintenance Fund; and <br />WI�REAS, the Council has determined it appropriate to "forgive" the internal loan, and make <br />the necessary adjustments to the City's fmancial statements; and <br />WI�REAS, the Council has determined that as a result of the loan forgiveness, the Parks <br />Infrastructure Maintenance Fund can no longer adequately meet its stated purpose. <br />NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, <br />Minnesota, as follows: <br />1) The internal loan provided by the Parks Infrastructure Maintenance Fund to the Parks & <br />Recreation Fund, is hereby forgiven. <br />2) The Parks Infrastructure Maintenance Fund is hereby closed, with all remaining monies <br />to be transferred to the Park Maintenance Fund. <br />The motion for the adoption of the foregoing resolution was duly seconded by member and <br />upon a vote being taken thereon, the following voted in favor thereo£ <br />and the following voted against the same: <br />WI�REUPON, said resolution was declared duly passed and adopted. <br />Attachment A <br />