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<br />..... ~-,jr <br /> <br />RESOLUTION NO. 83-53 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION AUTHORIZING INTERFUND LOAN FOR THE 1983 CONSTRUCTION <br />PROJECTS <br /> <br />WHEREAS, the City Council has authorized the construction <br />of the 1983 improvement projects; <br /> <br />WHEREAS, the City intends to secure permanent financing <br />for these projects at a later date; <br /> <br />WHEREAS, until such time as financing is obtained it will <br />be necessary to make an interfund loan. <br /> <br />NOW THEREFORE BE IT RESOLVED that: <br /> <br />1. On June 1, 1983, the cash reserves of the Closed <br />Bond Fund 549 shall be transferred to the 1983 <br />Construction Fund 622. <br /> <br />2. If the cost of the 1983 improvement projects <br />shall exceed the amount of the transfer above <br />then additional transfers shall be made from <br />the MSA Revolving Fund 490 and General Fund <br />Capital Projects Fund 451. <br /> <br />3. For any transfers, interest shall be charged. <br />The interest rate shall be established on the <br />date of transfer by averaging the rate then <br />being paid for one year certificates of deposit. <br /> <br />4. Interest shall accrue to the fund making the <br />transfer from the date of transfer until the date <br />when the transfer is repaid. <br /> <br />5. When permanent financing is obtained, it shall be <br />in an amount adequate to repay the transfer and <br />any interest owing. <br /> <br />Adopted this <br /> <br />26th <br /> <br />April <br /> <br />, 1983. <br /> <br />day of <br /> <br />~H~C~ <br /> <br />ATTEST: <br /> <br />-9:.-. - }y. J~ <br /> <br />Ja W. Farnell, C1ty Manager <br /> <br /> <br />A. Egan, Finance Director <br /> <br />(S EAL ) <br /> <br />._'.~-' <br /> <br />/ <br />