Agenda - Council - 09/24/1985 - Laserfiche WebLink

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O~cilr~be£ adopt, i on: introduced the following resolution and roved lot its Wfff:~AS, the City of Ra~sey's Resolution 184-15 dated February 28, 1984 authorized the loan agreement between the Administrative Trust Fund and the General Fund whereby the Ad~inistrative Trust Fund would loan to the General Fund $54,702.00; and I I I I i WIt~2~, the loan agreement authorized the General Fund to borrow $54,702.00 fro~ the A~inistrative T~ust Fund for the purpose of buying c~mputer sof~are and other ~iscellaneous equi~ment; and I ~, the loan agreement further states that the [xtnci[ml will psid back in five (5) equal installments over five (5) years. Further, us~ interest rate shall be the average p~id on City investments for the previous Iyear; and WRERFAS, the City of Ramsey's Resolution ~84-238 dated December 11, 1984 authorized the transfer of $54,702.00 fr~ the Administrative Trust Fund to the General Fund; and W~ERFAS, there was an excess of source over expenditure of $197,434 in the General Fund for budget year 1984 as reported by the 1984 audit. Acoordingly, the City Administrator is requesting that the Council authorize full repmyment of the above stated loan in the amount as sh~n below: $54,702.00 Principal borrowed 5,470.20 Interest earned 1985 $60,172.20 Total a~ount ~ed to Administrative Trust Fund NG~ ~EREFORE, ~E IT ~C~ BY 'rl:lg ~ ~ Off ~IE CITY OF RA~SE¥, ANOKA (/~, ST;~TE OF MI~ as foll~s: I I I I 1) The Ramsey City (D~ci/ hereby authorizes full repayment of the loan in the ~unt of $54,702.00 fro~ the Administrative Trust Fund to the General Fund plus interest ear~ed in the amount of $5,470.20. 2) It is further requested that the Finance Officer be furnished a oouy cf this resolution and that he take app~olxiate action. ~e motion for the adoption of the foregoing resolution was duly seconded by Councilm~ber and upon vote being taken thereon, the following voted in favor thereof: and the foll~ing voted against the ~e: whereupon said resolution was declared duly passed and adopted by the Ramsey City O~uncil this the 24th day of Sept~ber, 1985.