The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #14-66
Approving internal loan from the General Fund to TIF Capital Project Fund
in the amount of $25,000
WHEREAS, Costs related to previously approved City street repair projects have exceeded funds originally identified for said purposes, and a loan from the General Fund to the TIF Capital Project fund in an amount not to exceed $25,000 is necessary to cover the costs related to the 7th Street repairs, and to create eligibility for TIF funds to cover said costs, and
WHEREAS, The General Fund loan will be repaid with TIF proceeds, and
WHEREAS, The Council finds that a loan from the General Fund to the TIF Capital Project Fund in the amount of $25,000, at 0% interest, to cover the costs of 7th Street repairs 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 TIF Capital Project Fund in the amount of $25,000 at 0% interest per annum to cover the costs of 7th Street repairs, 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 16th day of June, 2014.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk