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<br />--------------- --- ----- -- -- ---------- <br /> <br /> <br />tervi{{e <br />tJ;stab[isfiea 1857 <br /> <br />1880 :Main Street . Centerviffe,:M!N 55038 <br />(651) 429-3232 . PfV((651) 429-8629 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION #07-822 <br /> <br />A RESOLUTION AUTHORIZING A LOAN BETWEEN FUNDS. <br /> <br />WHEREAS, the City purchased certain property at 1601 LaMotte Drive, and <br /> <br />WHEREAS, the Council has authorized certain improvements to the property to <br />establish its use as Hidden Spring Park, and <br /> <br />WHEREAS, temponuy financing is needed to cover the cost of the improvements until <br />funds are available from developer fees for parks. <br /> <br />WHEREAS, it would be more cost effective and efficient to provide the temponuy <br />financing from available fund balances rather than arranging for outside sources. <br /> <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNcn. OF <br />CENTERVILLE, MINNESOTA: <br /> <br />1) The City Council hereby authorizes a short-term loan to the General Fund from the <br />Sanitary Sewer fund to make such a loan. <br /> <br />2) Such loan shall be repaid according to the attached schedule beginning on September <br />1, 2008, with interest at 6.0010 from the date funds are transferred to the date repaid. <br /> <br />3) In the event that park fees are insufficient to make the following year's payment, the <br />required funds shall be included in the operating levy. <br /> <br />Adopted by the Council thi~y of June, 2007. <br /> <br />vm~o~ <br />Mary yo! <br /> <br />C---~<l~") ~~~ ~ <br />Teresa Bender, City Clerk <br />