00-8932r
81
RESOLUTION NO. 8932
RESOLUTION AUTHORIZING THE PAYOFF AND CANCELLATION
OF CERTAIN CITY INTERNAL LOANS
WHEREAS, the City constructed a Waterslide Feature at the Richfield Municipal
Pool and used an internal loan from the Permanent Improvement Revolving Fund (PIR) to
fund the construction; and
WHEREAS, the initial loan was $242,806 and the principal remaining is $99,032.42;
and
WHEREAS, the City constructed a miniature golf operation at Veterans Memorial
Park and used internal loans from the PIR Fund and Cable Fund to fund the construction;
and
WHEREAS, the initial loan was $353,323 split equally between the PIR Fund and
Cable Fund and the principal remaining is $41,661.52 to the PIR Fund and $166,661.50 to
the Cable Fund: and
WHEREAS, the principal remaining on the Golf Course internal loan from the Cable
Fund that was used to defease bonds issued to construct Rich Acres Golf Course is
$90,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota as follows:
1. That the internal loans owed to the PIR Fund totaling $140,693.92 from the Swimming
Pool Fund and Miniature Golf operation be paid in full, using residual assets from the
Golf Course Fund.
2. That the internal loans owed to the Cable Fund totaling $256,661.50 from the Golf
Course Fund and Miniature Golf operation be forgiven.
Adopted by the City Council of the City of Richfield, Minnesota this 11th day of
September, 2000.
h:;t;;~ JU
Martin J. Ki s , Mayor
ATTEST: