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<br />~.: <br /> <br />RESOLUTION NO. 89 - 3 5 <br /> <br />STATE OF MINNESOI'A <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RFSOLUI'ION AurHORIZING THE ESTABLISHMENT OF A TAX INCREMENT BOND PROCEEDS ~ <br /> <br />~.oJhereas, in managing its tax increment projects the City usually borrows <br />money to pay for the initial items such as soil corrections or land <br />acquisitions; <br /> <br />Whereas, the normal accounting rrethod for borrowe<l Ironey would be to assign <br />it once for the initial i terns and any residual wvuld be held-over for debt <br />repayrrent; <br /> <br />Whereas, this accounting treatnent does not give us the flexibility to use <br />the bonds for subsequent projects; <br /> <br />Whereas, to gain this flexibility, a bond proceeds fund is required; <br /> <br />Now, therefore be it resolved that: <br /> <br />1. A Tax Increment Bond Proceeds Fund shall be established. <br /> <br />2. 'Ihe purpose of the Fund shall be to receipt the original proceeds, <br />interest eamed from the reserve, residuals from prior projects, and <br />interest eamed by the Fund itself. <br /> <br />3. Expenses fran the Fund shall be to finance initial costs of eligible <br />tax increrrent projects. <br /> <br />4. Expenses fram the Fund shall be by transfer which shall require no <br />additional authorization. <br /> <br />5. Revenues into the Fund shall be by transfer which shall required no <br />additional authorization. <br /> <br />6. 'Ihis Resolution shall be effective December 31, 1988. <br /> <br />Adopted this 14 t h <br /> <br />day of <br /> <br />MA r r. 11 I 1 q R q <br /> <br />..... ~_."-""-..... <br /> <br /> <br />" <br /> <br />A"ITEST: <br />.. ~ ." <br />- ..... <br /> <br />~~;~~ <br />Margaret A.l:..<:;an <br />Fi.riance Di:t:?ctor/ <br />Ci-tS' Cl~rk <br /> <br />i /~ ' <br />/i ~{d. <br />;: ."'. / I <br /> <br />~:;;'~-- {~<~~:~ <br /> <br />i! <br />