The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #11-177
Approving internal loan from the General Fund to the Emergency
Response Center – “Parking Stall Project” in the amount of $4,000.00, to
be repaid with TIF Revenues as soon as is practicable.
WHEREAS, The City Council previously approved (Resolution #10-129) the installation of an additional parking stall / area as part of the Emergency Response Center a/k/a Public Safety Building project, same to be considered part of the overall project and paid for with tax increment revenues in an amount not to exceed $4,000, and
WHEREAS, The intent of the Council was to pay the project costs by way of a general fund loan to be repaid with TIF revenues immediately thereafter, during the same fiscal year, 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 $4,000.00, and
WHEREAS, The Council finds that a loan from the General Fund to the Emergency Response Center project in the amount of $4,000, at 0% interest, is appropriate and further finds that said internal loan should be repaid from TIF revenues as soon as practical thereafter.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve of a transfer/loan from the General Fund Cash Reserves to the Emergency Response Center TIF project, in the amount of $4,000 at 0% interest 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 19th day of December, 2011.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk