13-10758r RESOLUTION NO. 10758
AUTHORIZING $311,483.00 INTERNAL LOAN FOR
FINAL CONSTRUCTION IMPROVEMENTS AT THE HONORING ALL VETERANS
MEMORIAL
WHEREAS, the City Charter allows for the City Council to make interfund loans
by resolution, and
WHEREAS, the City Council has approved the project to be undertaken at
Veterans Memorial Park, and
WHEREAS, the funding of the project will be from an internal loan from the City's
Recreation Enterprise Fund, and
WHEREAS, the repayment of the internal loan will be provided through the future
sales of memorial engravings, and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota as follows:
1. The City Manager is authorized to execute an internal loan from the City's
Recreation Enterprise Fund to the City's Honoring All Veterans Memorial Capital
Project Fund to fund the project.
2. The term of the loan will be five (5) years in the amount of $311,483 at 0% interest.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of
February, 2013.
CC<I)(504A /4/
Debbie Goettel, Mayor
ATTEST:
Nancy Gibbs Clerk