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<br />> <br />. <br /> <br />.'- <br /> <br />.. <br /> <br />RESOLUTION NO. 99-051 <br /> <br />City of New Brighton <br />Ramsey County <br />State of Minnesota <br /> <br />RESOLUTION AUTHORIZING CLOSING OF CONSTRUCTION FUND 434 <br /> <br />Whereas, this construction fund accounted for projects which now have been completed; <br /> <br />Whereas, the capital to pay for the projects was provided by the Improvement Bonds of 1997; <br /> <br />Whereas, taxes were pledged for the majority of the financing for repayment of the bonds; <br /> <br />Whereas, project costs have exceeded bond proceeds by $100,000; <br /> <br />Whereas, an internal loan will be required for these additional costs; <br /> <br />Now, therefore be it resolved that: <br /> <br />1. Taxes will be pledged on a ten year note to pay for the additional costs. <br /> <br />2. The note shall bear interest of 6.5% per annum with equal annual installments. <br /> <br />3. The note is shown in Attachment A. <br /> <br />4. The Closed Bond Fund will advance the cash to the construction fund to eliminate the <br />existing deficit. <br /> <br />5. The note payment will become a receivable of the Closed Bond Fund. <br /> <br />6. This Resolution shall be effective December 31, 1998. <br /> <br />R~ <br /> <br />. . ...---" <br /> <br />I' ""'//P <br />1-/ ,,:.)f I C iJk7 <br />~tthew S. Fulton, City Manager <br /> <br />ATTEST: <br /> <br />~/I~ <br />~ <br /> <br />Finance Director/City Clerk <br /> <br />I/Shared/Council/Resol/99/Fund 434 <br />