Resolution - #01-09-335 - 09/25/2001

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• Councilmember Kurak introduced the following resolution and moved for its adoption: RESOLUTION #01 -09 -335 RESOLUTION APPROVING INTERFUND LOAN IN THE AMOUNT OF $50,800 REIMBURSABLE TO THE GENERAL FUND FROM TAX INCREMENT FINANCING DISTRICT #10 UPON RECEIPT OF BOND PROCEEDS WHEREAS, effective August 1, 2001, cities will need approval via resolution before money can be transferred, advanced, or spent pertaining to an inter -fund loan that will be reimbursed with tax increment dollars; and WHEREAS, Cities allow inter -fund loans because they have cash on hand which they can `loan' to a project with the intention and understanding that tax increment would repay the loan and to save bond costs; and WHEREAS, on September 11, 2001, City Council authorized an inter fund loan in the amount of $50,800 from the General Fund to Tax Increment Financing District #10 for engineering costs for Azurite Street and platting costs of Sunfish Business Park; and WHEREAS, the General Fund will be reimbursed the $50,800 in principal with interest, who's rate is stated at 3.5 %; and WHEREAS, the General Fund will be reimbursed within 30 days upon receipt of bond proceeds for the construction of Azurite Street and land costs for Sunfish Business Park NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: That the Ramsey City Council hereby approves that the General Fund be reimbursed $50,800 with interest at the rate of 3.5% from Tax Increment Financing District #10 within 30 days of receipt of bond proceeds for the construction of Azurite Street and land costs for Sunfish Business Park. The motion for 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 Councilmember Kurak Councilmember Anderson Councilmember Hendriksen Councilmember Zimmerman