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Councilmember introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #01-09-XXX <br /> <br />RESOLUTION APPROVING INTER_FUND LOAN IN THE AMOUNT OF $50,800 <br />REIMBURSABLE TO THE GENERAL FUND FROM TAX INCREMENT FINANCING <br />DISTRICT #10 UPON RECEIPT OF BOND PROCEEDS <br /> <br /> WHEREAS, effective August 1, 2001, cities will 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 /> <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 /> <br /> WHEREAS, on September 11, 2001, City Council authorized an inter fund loan in the <br />amount of $50,800 from the General Fund to Tax Increment Financing District #10 for <br />engineering costs for Azurite Street and platting costs of Sunfish Business Park; and <br /> <br /> WHEREAS, the General Fund will be reimbursed the $50,800 in principal with interest, <br />who's rate is stated at 3.5%; and <br /> <br /> WHEREAS, the General Fund will be reimbursed within 30 days upon receipt of bond <br />proceeds for the construction of Azurite Street and land costs for Sunfish Business Park <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />That the Ramsey City Council hereby approves that the General Fund be reimbursed <br />$50,800 with interest at the rate of 3.5% from Tax Increment Financing District #10 <br />within 30 days of receipt of bond proceeds for the construction of Azurite Street and land <br />costs for Sunfish Business Park. <br /> <br />The motion for adoption of the foregoing resolution was duly seconded by Councilmember, and <br />upon vote being taken thereon, the following voted in favor thereof: <br /> <br />and the following voted against: <br /> <br />and the following abstained: <br /> <br />and the following were absent: <br /> <br />whereupon said resolution was declared duly passed and adopted by the Ramsey City Council <br />this the 25th day of September, 2001. <br /> <br />-119- <br /> <br /> <br />