2013-18 BILL NO. 2013-18
AN ORDINANCE RELATING TO INTEREST RATE FOR INTERNAL LOANS FROM THE CITY'S
PERMANENT IMPROVEMENT REVOLVING FUND; AMENDING SUBSECTION 315.07 OF THE
RICHFIELD CITY CODE
THE CITY OF RICHFIELD DOES ORDAIN:
Section 1. Subsection 315.07, subd. 3 of the Richfield City Code, is amended to read as follows:
Subd. 3. Disposition of Funds. The monies in the PIR fund shall be used only as directed by
resolution of the City and for the purposes of (i) advancing to local improvement funds the cost of
improvements for which assessments are to be levied, and (ii) providing interim financing of capital
expenditures for projects of the City or the City's housing and redevelopment authority. All such monies
so furnished shall be restored when and as sufficient monies are received in said improvement funds or
permanent project financing has been obtained, as the case may be, with interest at a rate of not less
than five percent (5%) per annum to be set by the City Council at the time the loan is made during the
time for which such monies have been so furnished. Notwithstanding the foregoing provisions of this
subdivision, the proceeds of the PIR fund, in a total amount not to exceed $300,000.00, may be
transferred to the capital improvement budget of the City by resolution of the City Council to provide funds
for the acquisition and betterment of public safety facilities in the City.
Section 2. This ordinance is effective in accordance with Section 3.09 of the Richfield City Charter.
Adopted this 24th day of September, 2013.
By: ‘sEtt:_
/� ,,
Debbie Goettel, Mayor
ATTEST:
I , '1
A
Nancy Gibbs, it Clerk
AFFIDAVIT OF PUBLICATION- City of Richfield
STATE OF MINNESOTA (Official Publication)
)ss BILL NO.2013-18
COUNTY OF HENNEPIN ) AN ORDINANCE RELATING TO
INTEREST RATE FOR INTERNAL
Jeremy Bradfield being duly sworn on an ENTSIMPROVEME T REVOLV NG
oath, states or affirms that they are the FUND; AMENDING SUBSECTION
Authorized Agent of the newspaper(s)known CODE OF THE RICHFIELD CITY
as: THE CITY OF RICHFIELD DOES OR-
DAIN:
SC Richfield Section 1.Subsection 315.07,subd.
3 of the Richfield City Code, is
amended to read as follows:
and has full knowledge of the facts stated Subd.3. Disposition of Funds. The
below: monies in the PIR fund shall be used
(A)The newspaper has complied with all of
only and for t e purposesiof(i) ad-
the requirements constituting qualifica- vancing to local improvement funds
tion as a qualified newspaper as provided the cost of improvements for which
q p assessments are to be levied,and(ii)
by Minn. Stat. §331A.02, §331A.07, and providing interim financing of capital
other applicable laws as amended. expenditures for projects of the City
pp or the City's housing and redevel-
(B)This Public Notice was printed and pub- opment authority. All such monies
lished in said newspaper(s) once each son furnished when
and as sufficient shall monies be restored are received
week, for 1 successive week(s); the first in said improvement funds or per-
insertion being on 10/03/2013 and the last manent project financing has been
obtained, as the case may be, with
insertion being on 10/03/2013. interest at a rate of not less than five
percent(5%)per annum to be set by
the City Council at the time the loan is
made during the time for which such
monies have been so furnished. Not-
withstanding the foregoing provisions
of this subdivision, the proceeds of
By: the PIR fund,in a total amount not to
Authorized Agent exceed $300,000.00, may be trans-
Authorized ferred to the capital improvement
budget of the City by resolution of the
Subscribed and sworn to or affirmed before City Cou provide tto th
acquisition ncil and to beerment funds of f public
the
me on 10/03/2013. safety facilities in the City.
Section 2.This ordinance is effective
in accordance with Section 3.09 of
the Richfield City Charter.
Adopted this 24th day of September,
`/ , 2013.
Notary Public By:
Debbie Goettel,Mayor
ATTEST:
Nancy Gibbs,City Clerk
.., v 10/03/13 Bill 2013-18
�° a MASON
L. ESON
4 K NOTARY PUBLIC-MINNESOTA
My Comm.Exp.Jan.31,2015
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