1985 Adopted Budget - Laserfiche WebLink

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fXuncilirerber Sorteberg introduoed the following resolution and graved for its adoption: RESOLUTION�85-187 cfivY �� -� F+44, WHEREAS the ;f�- T r ut c- �a &�,9�. City of RaQrsey s Resolution #84-15 dated February 28, 1984 authorized the loan agreement between the Administrative Trust Fund and the General Fund whereby the Administrative Trust Fund would loan to the General Fund $54,702.00; and WHEREAS, the loan agreement authorized the General Fund to borrow $54,702.00 from the Administrative Trust Fund for the purpose of buying computer software and other miscellaneous eguiprent; and WHEREAS, the loan agreement further states that the principal will be paid back in five (5) equal installments over five (5) years. Further, the interest rate. shall bethe average paid on City investments for the previous year; and WHEREAS, the City of Rairsey's Resolution 484-238 dated December 11, 1984 authorized the transfer of $54,702.00 from the Administrative Trust Fund to the General Fund; and WHEREAS, there was an excess of source over expenditure of $197,434 in the General Fund for budget year 1984 as reported by the 1984 audit. Accordingly, the City Administrator is requesting that the Council authorize full repayment of the above stated loan in the amount as shown below: $54,702.00 Principal borrowed 5,470.20 Interest earned 1985 $60,172.20 Ibtal amount owed to Administrative Trust Fund NOW IBEREM3RE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) The Ramsey City Cbuncil hereby authorizes full repayment of the loan in the amount of $54,702.00 from the Administrative Trust Fund to the General Fund plus interest earned in the amount of $5,470.20. 2) It is further requested that the Finance Officer be furnished a copy of this resolution and that he take appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Councilmerber Cox and upon vote being taken thereon, the following voted in favor thereof: Mayor Heitman, Councilmerbers Sorteberg, Cox, Reizranna and Schlueter and the following voted against the same: None Page 1 of 2