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Councilmember Peterson inu'oduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION //92-12-317 <br /> <br />RESOLUTION AUTHORIZING CANCELLATION OF AN INTERFUND LOAN <br /> <br /> WHEREAS, at the Budget Committee meeting of November 10, 1992, the status of City's Parks <br />Capital Project Fund (425) and Parks Expendable Trust Fund (805) was reviewed with staff; and <br /> <br /> WHEREAS, an interest bearing interfund loan was initiated from the Trust Fund to the Capital Project <br />Fund in 1990 to provide temporary funding for the softball fields at Central Park; and <br /> <br /> WHEREAS, at that time the Council anticipated repayment of this loan through a future parks bond <br />issue; and <br /> <br /> WHEREAS, staff is recommending the December 31, 1991 interfund loan balance in the amount of <br />One Hundred Thousand Six Hundred Fifty-Seven and 10/100 Dollars due to the Parks Expendable Trust Fund <br />from the Parks Capital Project Fund be canceled as of January 1, 1992; and <br /> <br /> WHEREAS, the Budget Committee concurred with staff's recommendations and recommends Council <br />authorize this cancellation. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) <br /> <br />That the Ramsey City Council hereby authorizes cancellation of the interest bearing interfund loan in the <br />amount of $100,657.10 due to the Parks Expendable Trust Fund from the Parks Capital Improvement <br />Fund. <br /> <br />2) <br /> <br />That the Ramsey City Council hereby directs the Finance Officer to enter such cancellation in the City's <br />ledgers with an effective date of January 1, 1992 so as to prevent application of interest during 1992. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Beyer and upon <br />vote being taken thereon, the following voted in favor thereofi <br /> <br />Mayor Gilbertson <br />Councilmember Peterson <br />Councilmember Beyer <br />Councilmember Hardin <br />Councilmember Zimmerman <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />and the following abstained: <br /> <br />None <br /> <br />and the following were absent: <br /> <br />None <br /> <br />whereupon said resolution was declared duly passed and adopted by the Ramsey City~ C~mcil this the 22nd day <br />of December, 1992. ~~~~~ <br /> ~or <br /> <br />.~~d~inlstrator · <br /> <br /> <br />