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<br />1 <br /> <br />Resolution No. 99-114 <br /> <br />1 <br />\ <br /> <br />City of New Brighton <br />County of Ramsey <br />State of Minnesota <br /> <br />~~ <br /> <br />Resolution Authorizing the Use of the Reserves to Finance Park Capital Improvements <br /> <br />Whereas, the City has approved park improvements with a budget of $2,445,000; <br />Whereas, these projects will benefit the entire community; <br />Whereas, the improvements will promote the health of the infrastructure and lower on-going <br />capital costs; <br />Whereas, such a significant event is a reasonable use of the reserves; <br />Whereas, adequate money will remain in the reserves after the proposed withdrawal of money; <br />and, <br />Whereas, use of the principal of the Park Endowment and the Envirorunental Restoration Funds <br />are the preferred sources of this withdrawal; <br /> <br />Now, therefore be it resolved that: <br /> <br />I. The Park Endowment Fund shall be the initial source of financing for park capital outlay with <br />the remainder of the financing pledged from the Environmental Restoration Fund. <br />2. The use of these proceeds shall be managed so that no interest earnings or expense accrues to <br />the capital project. <br /> <br />Adopted November 23, 1999. <br /> <br />~ <br /> <br />~.~L.-~~ <br /> <br />Matthew S. Fulton, City Manager <br /> <br />ATTEST: <br /> <br />~~~. <br />Margaret . Egan _ <br />F itiance Director! <br />City Clerk . <br />