The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #10-143
Approving internal loan from the General Fund to the Public Safety Building – Emergency Response Center TIF Project in the amount of $138,277.50, to be repaid with TIF Revenues as soon as is practicable.
WHEREAS, The City Council previously determined it appropriate to loan an amount not to exceed $200,000 from the General Fund to the Public Safety Building – Emergency Response Center TIF Project, to be repaid to the City from TIF funds received during the same fiscal year of the loan, and
WHEREAS, The Public Safety Building – Emergency Response Center TIF Project is nearly complete, and City Staff has calculated the amount of the General Fund loan necessary to meet the expenses and obligations of the project, said calculations resulting in a General Fund loan to the project in the amount of be $138,277.50, and
WHEREAS, TIF revenues can only be used to satisfy an eligible debt, and, therefore, the use of General Fund Cash as a loan towards the Public Safety Building – Emergency Response Center TIF Project creates such a debt, that when realized, may be repaid with TIF revenues, and
WHEREAS, the General Fund debt shall accrue interest at the rate of 0% per annum, to be repaid to the City with the principal of the debt by TIF revenues as soon as is practicable.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa hereby approve the transfer from the General Fund Cash Reserves to the Public Safety Building – Emergency Response Center TIF Project in the amounts of $138,277.50 with interest at the rate of 0% per annum, the principal of same to be repaid to the General Fund from the TIF revenue account as soon as is practicable.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 15th day of November, 2010.
Don “Ho” Miyagawa, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk