Resolution - #83-198 - 10/25/1983

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Councilmember Van Wagner introduced the following resolution and moved for its adoption: RESOLUTION ~83-198 W~EREAS, the Council Budget Committee hereby recommends that $35,000 from the Administrative Trust Fund be loaned to the General Fund over a five year period. Further, that the interest rate for each year be computed on the average interest rate the City received on its invested money. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) It is hereby approved that $35,000 be transferred to the City's General Fund for the purpose of utilizing professional service as outlined in the City's 1984 Operational Budget. 2) It is directed that at the time of the requested fund, that an agreement will be executed which will state that the General Fund will reimburse the Administrative Trust Fund over a five year period and further, that the interest rate will be based on the average that the City received C on its investment for the year it is paid. 3) Further, the transfer of all or part of the above funds will be done by Council resolution. 4) It is further directed that the City Accountant be furnished a copy of this resolution. The motion for the adoption of the foregoing resolution was duly seconded by Mayor Gamec and upon vote being taken thereon, the following voted in favor thereof: Mayor Gamec, Councilmembers Sorteberg, Van Wagner, Schlueter and Reimann and the following voted against the same: None whereupon said resolution was declared duly passed and adopted by the Ramsey City Council this the 25th day of October, 1983. ATTEST: Mayor ~ ~~ I hereby acknowledge receipt of the above resolution: triter, r:l~'k ~ ~----Cit~ A~Countant