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Councilmc~ nbcr 5~orteberg introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #88-65 <br /> <br />RES()LIjT~ON ESTABLISHING "DUE FROM, DUE TO" BETWEEN GENERAL <br />FUND AND TAX INCREMENT DEVELOPMENT DISTRICT #2 <br />CONSTRIJCYI'ION FUND <br /> <br /> WI~.b;REAS, the Tax Increment Development District #2 Construction Fund as of <br />December 3), 19t~7 has a deficit $3,300.00 that must be funded; and <br /> <br /> WltEREAS, it is anticipated that there will be sufficient increment from Development <br />District #2 to ft. md~ the deficit in the future; and <br /> <br /> WHEltEAS, the General Fund is pledged in the form of general ad valorum taxes to <br />support ma.y tax increment deficits <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF RAMS~;Y, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />That the ( icneral Fund loan in the form of a "Due From, Due To" to the Tax Increment <br />Development District #2 Construction Fund $3,300.00 to be repaid by tax increment <br />revcrmc:; f.'om Tax Increment Development District #2. <br /> <br />Thru the l{~an fi'om the General Fund be repaid with interest at the annual fixed rate of six <br />p(~l'ccn! fi,, the life of the loan. <br /> <br />The motion fi~' ti~c adoption of the foregoing resolution was duly seconded by Councilmember <br />Cox and npon vote being taken thereon, the following voted in favor thereof: <br /> <br />Mayc~r Re)mann <br />C~ m nciinwmber Sorteberg <br />Cou ncih m~mber Cox <br />Gem nci!n~cmber DeLuca <br />Cou ncih n{ tuber Pearson <br /> <br />and the foil.wi % voted against the same: <br /> <br />Nolle <br /> <br />and thc following :~bstained: <br /> <br />Nolle <br /> <br />and the fell(),.vic~g were absent: <br /> <br />N~ 11i~2 <br /> <br />whereupon .lM resolution was declared duly passed and adopted by the Ramsey City Council this <br />thc 12th day ~lAi~ril, 1988. <br /> <br />ATTEST: <br /> <br />Mayor <br /> <br />City Administra[{~ <br /> <br /> <br />