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<br />,. <br /> <br />RESOLUTION NO.8 9 -14 5 <br /> <br />STATE OF MINNESarA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGH'ION <br /> <br />RESOLUTION ESTABLISHThTG A REVISED POLICY ON THE PARK DEDICATION FEE <br /> <br />M1ereas, the Park Dedication Fee is a desirable revenue source for <br />financing park i.rrprovements; <br /> <br />M1ereas, we are experiencing a cash-flow problem with the Dedication Fee; <br /> <br />1;Vhereas, the problem occurs because the fee is collected on one tirre <br />schedule while being appropriated for construction of the improvement on <br />a different tinE increment; <br /> <br />1;Vhereas, the terms for use of the Dedication Fee are prescribed in <br />Ordinance 558; <br /> <br />Whereas, to eliminate the cash-flow problems yet continue to corrply with <br />Ordinance 558, the use of an inter-fund loan ~uld be appropriate; <br /> <br />Now, therefore be it resolved that: <br /> <br />1. The Closed Bond Fund shall serve as the source of the inter-fund loan. <br /> <br />2. The loan shall be with interest as presribed by the inter-fund loan <br />policy. <br /> <br />3. The loan shall corrmence for the 1989 improverrents. <br /> <br />Adopted this 1 4 t h <br /> <br />day of No v e m b e r, 1 9 8 9 <br /> <br />L~+- <br />.~m.~ <br /> <br />David M. Childs, City Manager <br /> <br />~: <br /> <br />Marga~~an <br />Finance Director/ <br />City Clerk <br />