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-126- <br /> <br />vouncilmember Hendriksen introduced the folloWing resolution and moved for its adoption: <br /> <br />RESOLUTION #01-07-255A <br /> <br />RESOLUTION APPROVING INTERPUND LOANS <br />THROUGHOUT THE CITY WITH THE SOLE <br />REIMBURSED WITH TAX INCREMENT <br /> <br />ON VARIOUS PROJECTS <br />INTENTION OF BEING <br /> <br /> WHEREAS, effective August 1, 2001, cities wilt need approval via resolution before <br />money can be transferred, advanced, or spent pertaining to an inter-fund loan that will be <br />reimbursed with tax increment dollars; and <br /> WHEREAS, Cities allow inter-fund loans because they have cash on hand which they <br />can 'loan' to a project with the intention and understanding that tax increment would repay the <br />loan and to save bond costs; and <br /> WHEREAS, prior to August 1, 2001, cities are allowed to 'bring into compliance' any <br />funds that were considered inter-fund loans by passing a resolution stating the anaount and fund <br />that loaned the money for the effected Tax Increment project; and <br /> WHEREAS, after August 1, 2001, The City wishes to reimburse itself from the 'PIP, <br />(loan) fund at an interest rate of 4% for TIF 2 - TIF 10 expenses; and <br /> WHEREAS, it has been determined that the following projects were and will be retained <br />with inter-fund loans with the expectation that tax increment would/will reimburse the loaning <br /> <br />fund; Proi ect Loaning. Fund(s) <br /> -Highway 47/Sunwood' Highway 47 & PIR Fund <br /> -Burger King Sewer & Water Sewer & Water Utility <br /> -Spohn property EDA <br /> -** S auter/Maken PIX <br /> -B&B Carpeting S&W Sewer & Water Utility <br /> -Well #3 Water Utility <br /> -Business Park 95 Phase I&II PiX <br /> TIF #2Admin PIX <br /> TIF #7Admin PIR <br /> TIF #8 Admin & Land(Future)Pix <br /> TIF #9 A'dmin PIX <br /> TIF # 10(A&~n) PIX <br /> - Spent Pr/or'8/1/01 <br />** Reimbursed with bond proceeds <br /> <br />Amount <br />$2,11~,060 <br />$465,218 <br />$278,302 <br />$1,382,977 <br />$72,950 <br />$269,590 <br />$609,899 <br />$30,000 <br />$2O,0OO <br />$500,000 <br />$30,000 <br />$30,000 <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />tL&MSEY, ANOKA COUNTY, STATE O'F MINNESOTA, as follows: <br /> <br />That the Ramsey City Council hereby approves the inter-fund loan schedule that was <br />used to fund various capital improvement projects and administrative costs with the entire <br />said costs -to be reimbursed by tax increment. <br /> <br />The motion for adoption of the foregoing resolution was duly seconded by Councilmember <br />Zinmaennan, and upon vote being taken thereon, the following voted in favor thereof.' <br /> <br />Mayor Gamec <br />Councilmember Hendriksen <br />Councilmember Zi~mneman <br /> <br /> <br />