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88-028
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88-028
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<br />., <br /> <br />:0 <br /> <br />~ ~ <br /> <br />.. <br /> <br />RESOLUTION NO.. . 88-28 <br /> <br />CITY OF NEW BRIGHTON <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION DECLARING CERTAIN DEPOSITS AS REVENUE AND <br />PROVIDING A TRANSFER <br /> <br />WHEREAS the City frequently has helped developers <br />to obtain tax exempt financing such as industrial revenue <br />bonds; <br /> <br />WHEREAS, in this effort, the developer has been <br />required to help off-set our costs by placing a deposit <br />with the City; <br /> <br />WHEREAS costs incurred by the City inc.Lude staff <br />time and legal services; <br /> <br />WHEREAS the costs incurred are equal to the develo- <br />per's payments and, therefore, these payments should then <br />be considered as revenues; and <br /> <br />WHEREAS, in accounting for the developers' money, <br />the receipt of the deposits has been made into ~he <br />General Fund while the costs have been incurred else- <br />where; <br /> <br />NOW, THEREFORE, BE IT RESOLVED THAT: <br /> <br />1. The deposits shall be reclassified as reve- <br />nues; <br /> <br />2. A transfer of $79,900 shall be made from the <br />General Fund to the Municipal Development Fund <br />#450 (in the amount of $42,504) and to the <br />T.I.F. Fund #468 (in the amount of $37,396); <br /> <br />3. The 1987 Budget for the General Fund shall be <br />amended to increase non-taxable services by <br />$79,900 and the expenditure account for <br />transfer-outs shall be increased also by <br />$79,900 to properly reflect this declaration. <br /> <br />4. This resolution shall supersede Resolution 88- <br />05; and <br /> <br />5. This resolution shall be effective December <br />31, 1987. <br /> <br />Adopted this 22nd day of March, 1988. <br /> <br />_L <br /> <br />ROg&'?illiams. <br /> <br />- <br /> <br />Acting Mayor <br /> <br />ATTEST: <br /> <br /> <br />~~- <br /> <br />~aniar~ <br />'Finance-Elireq:t.or!City Clerk <br />
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