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Res. #13 -014a <br /> A RESOLUTION AUTHORIZING STAFF TO WRITE -OFF A LOAN BETWEEN <br /> FUNDS <br /> WHEREAS, the City Council has previously adopted Resolution 09 -027, providing for a <br /> loan between funds and terms for repayment, and <br /> WHEREAS, source of funds for repayment of these loans was projected to be sale of land <br /> for commercial development and <br /> WHEREAS, significant new development is not anticipated in the foreseeable future, and <br /> the anticipated proceeds from the sale of the land will likely be much less than originally <br /> anticipated, thus repayment of the loan is in doubt, and <br /> WHEREAS, the source of the loan is the Sanitary Sewer Fund, which has sufficient fund <br /> balance to continue its operations. <br /> NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF <br /> CENTERVILLE, MINNESOTA: <br /> The City Council hereby authorizes that the remaining loan balance in the amount of <br /> $388,296.24 due to the Sanitary Sewer Fund from the Fund 348, 2009 Bond Fund (Series <br /> B) is hereby forgiven and written off in its entirety. <br /> Adopted by the City Council this 10th day of July, 2013. <br /> C3 - _ 7 L •- <br /> Tom Wilharber, Mayor <br /> Teresa Bender, City Clerk <br />