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I <br />i <br />I <br /> <br />January 26, 1982 <br /> <br />TO: <br /> <br />FROM: <br /> <br />RE: <br /> <br />City Managers, Administrators and Clerks <br /> <br />League Research Staff <br /> <br />Borrowing in anticipation of delayed 1981 state aids <br /> <br /> I <br />I <br /> I <br /> i <br /> <br />Legislation passed on December 31, 1981, required the state to certify <br />to each city the amounts of state aid and homestead credit due the city <br />from November and December of 1981. The legislation promised payment of <br />those aids by February 26, 1982, and permitted the city to borrow in <br />anticipation of receipt of those payments. <br /> <br />We have prepared a memorandum explaining this law, and containing <br />suggested procedures and forms for short-term borrowing in anticipation <br />of the February payment. If your city is experiencing cash flow problems <br />so that such borrowing may be necessary, you can obtain a copy of this <br />memo by calling the League research staff. <br /> <br />I <br />I <br /> <br />Note: As you know, the legislature has also passed a major budget bill, <br />which makes changes in 1982 aids, levy limits and homestead credit. A <br />complete summary of this legislation appears in the January 21 issue of <br />the Legislative Bulletin, which was sent to each city clerk. <br /> <br />I <br />I <br /> <br />PT:cmb <br /> <br />I ED© <br /> hE-~novor' 1-,~l[J,r~¢i ,'~,E) c,¢adar' st;neet;, saint; paul, mlnnesotsa 55101 [E~122] <br /> <br /> <br />