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Council Me~:)~l .......... introduced the following resolution and moved for its <br />adoption: <br /> <br />RESCLUTION #88-XX <br /> <br /> WHF~dU'd, the Tax Increment Develotment District %2 Construction Fund as of <br />December 3]~ .]~87 has a deficit $3,300.00 that must be funded; and <br /> <br /> WHE~.iA'~, J.t is anticipated that there will be sufficient increment from <br /> ~_~,. ~ct ~2 to fund the deficit in the future; and <br />Devel olm~ent ~' ~ .... · <br /> <br /> WHEPd.~'], th~ General Fund is pledged in the form of general ad valorum <br />taxes to sup}x~rt any tax increment deficits <br /> <br />NOW THER~'~DR~, }:Pi IT RESOLVE[) BY THE CITY CC[JNCIL OF THE CITY OF RAMSEY, ANOKA <br />O{TJNT~, S~A .~ OF ~INNESO~A, as follows: <br /> <br /> That the G~e~'al Fund loan in the form of a "Due From, Due To" to the Tax <br />Increment ]~?vdo~]mnet Distric~ ~2 Construction Fund $3,300.00 to be repaid by <br />tax incr~ie.u< rc,,enues fr~m Tax Increment Development District #2. <br /> <br /> That <br /> ,2]~~. lo ~ frcm tlne General Fund be repaid with interest at the annual <br />fixed rate. ~)'.'! ~i./. ~erce_nt for the life of the loan. <br /> <br />?ne ~Dtion /.~>~: t"~ adoption of the foregoing resolution was duly seconded by <br />Councilme~,~- . ....... and upon vote being taken thereon, the following voted in <br />favor the~ ee::: <br /> <br />and the fo!!(~.;3~i voted against the same: <br /> <br />and the fc.z.~(,.~i],~:;i were absent: <br /> <br /> <br />