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<br />Council Member <br />adoption: <br /> <br />introduced the following resolution and moved for its <br /> <br />RESCLt11'ION tBB-XX <br /> <br />WIIEREAS, the Tax Incranent Developnent District #2 Construction Fund as of <br />December 31, 1987 has a deficit $3,300.00 that must be funded; and <br /> <br />WHEREAS, it is anticipated that there will be sufficient increment from <br />Developnent District #2 to fund the deficit in the future; and <br /> <br />WHERE'.AS, the General Fund is pledged in the form of general ad valorurn <br />taxes to support any tax incranent deficits <br /> <br />NCW THEREFORE, BE IT RESCLVED BY THE CITY ~L OF THE CITY OF RAMSEY, ANOKA <br />CXXJN1'Y, STATE OF MINNESC7I'A, as follows: <br /> <br />That the General Fund loan in the form of a "Due Fran, Due To" to the Tax <br />Incranent Developnnet District #2 Construction Fund $3,300.00 to be repaid by <br />tax increment revenues fran Tax Incranent Developnent District #2. <br /> <br />That the loan fran the General Fund be repaid with interest at the annual <br />fixed rate of six percent for the life of the loan. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by <br />Councilrnember . and upon vote being taken thereon, the follCMing voted in <br />favor thereof: <br /> <br />and the fOllCMing voted against the same: <br /> <br />and the fOllCMing were absent: <br /> <br />97 <br />