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Councilm~ber Sorteberg introduced the following resolution and moved for its <br />adoption: <br /> <br />RESCLUTION 985-187 <br /> <br /> WHEREAS, the City of Ramsey's Resolution #84-15 dated February 28, <br />1984 authorized the loan agreement between the Administrative Trust Fund and <br />the General Fund whereby the Administrative Trust Fund would loan to the <br />General Fund $54,702.00; and <br /> <br /> WHEREAS, the loan agreement authorized the General Fund to borrow <br />$54,702.00 from the Administrative Trust Fund for the purpose of buying <br />computer software and other miscellaneous equi~ent; and <br /> <br /> WHEREAS, the loan agreement further states that the principal will be <br />paid back in five (5) equal installments over five (5) years. Further, the <br />interest rate shall be the average paid on City investments for the previous <br />year; and <br /> <br /> WHEREAS, the City of Ramsey's Resolution #84-238 dated December 11, <br />1984 authorized the transfer of $54,702.00 fr~ the Administrative Trust Fund <br />to the General Fund; and <br /> <br /> WHEREAS, there was an excess of source over expenditure of $197,434 <br />in the General Fund for budget year 1984 as reported by the 1984 audit. <br />Accordingly, the City Administrator is requesting that the Council authorize <br />full repayment of the above stated loan in the amount as shown below: <br /> <br />$54,702.00 Principal borrowed <br /> 5,470.20 Interest earned 1985 <br /> <br />$60,172.20 Total amount owed to Administrative <br /> Trust Fund <br /> <br />N~W ~/~EREFORE, BE IT RESC~VED BY T~E CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA <br />(/~3NTY, STATE OF MINNESOTA, as follows: <br /> <br /> 1) The Ramsey City Council hereby authorizes full repayment of the <br />loan in the amount of $54,702.00 from the Administrative Trust Fund to the <br />General Fund plus interest earned in the amount of $5,470.20. <br /> <br /> 2) It is further requested that the Finance Officer be furnished a <br />copy of this resolution and that he take appropriate action. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by <br />Councilm~ber Cox and upon vote being taken thereon, the following voted in <br />favor thereof: <br /> <br />Mayor Heitman, Councilm~bers Sorteberg, Cox, Reimanna and Schlueter <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />Page i of 2 <br /> <br /> <br />