09-10299rRESOLUTION NO. 10299
AUTHORIZING $756,340 INTERNAL LOAN FOR
BALL FIELD IMPROVEMENTS AT THE LINCOLN FIELDS
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 the
City's Lincoln Field 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 funds from
the Special Revenue Fund.
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 Lincoln Field Renovation fund to fund the project.
2. The term of the loan will be five (5) years in the amount of $756,740 at 0% interest.
Adopted by the City Council of the City of Richfield, Minnesota this 27th day of
October, 2009.
Debbie Goettel, Mayor
ATTEST:
Nancy Gibbs ity Clerk
1027Lincoln Field Internal Loan