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<br />~ <br /> <br />\\;,. <br /> <br />:i <br /> <br />..J <br /> <br />RESOLUTION NO. RR-114 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION MODIFYING THE TERMS FOR AN INTER-FUND LOAN POLICY <br /> <br />WHEREAS, cash is essential to the operation of all services; , <br /> <br />WHEREAS, there are occasions when the cash supplY for a <br />particular service may be in a deficit position1 <br /> <br />WHEREAS, to permit the cash deficit to persist is not in the' <br />best interest of the City nor does it recognize the actual cost <br />of such service; <br /> <br />NOW THEREFORE BE IT RESOLVED by the City Council of New <br />Brighton that an inter-fund loan policy shall be established and <br />the terms of the policy shall be: <br /> <br />1. Whenever the cash of a service is depleted then an <br />inter-fund loan shall occur. The loan shall be from the day the <br />deficit first occurs through such time as the service has <br />replenished its own cash supply. <br /> <br />2. The loan shall be drawn on the proportionate amount of <br />the cash available from all funds unless other provisions are <br />specified. <br /> <br />3. Interest shall be charged on the loan. The interest <br />rate shall be at the prevailing rate for interest earnings from <br />the City's investment program. <br /> <br />4. The inter-fund loan program specified in this Resolution: <br />shall supersede Resolution 84-46. <br /> <br />5. Unless specific action is taken to preclude the use of <br />this Resolution then its terms shall be construed to apply <br />automatically and without further action of the City Council. <br /> <br />Adopted this 11th <br /> <br />day of <br /> <br />Dc tohp. r , 1988 <br /> <br />~ <br /> <br />Marqaret A. Eqan" <br />Finance Director/City Clerk <br /> <br />~~ <br /> <br /> <br /> <br />.' . ~;:!".J..I/! <br />./I~j';t' " <br />Henry Si <br />~",/ <br /> <br />