91-7785R40
RESOLUTION NO. 7785
RESOLUTION AUTHORIZING TRANSFER OF FUNDS
FROM PERMANENT IMPROVEMENT REVOLVING FUND TO CP 8670 WATERSLIDE
TO PROVIDE INTERIM FINANCING OF SAID PROJECT '
WHEREAS, the Ordinance Code of the City of Richfield
provides that a Permanent Improvement Revolving Fund be used for
purposes of financing local improvements; and
WHEREAS, the ordinance states that the proceeds of said fund
may be used to provide interim financing of capital expenditures.
for projects of the City by resolution of the City Council; and
WHEREAS, its appears desirable to transfer funds to provide
interim financing for City Project 8670 Waterslide; and
WHEREAS, the Permanent Improvement Revolving Fund has
sufficient cash. available to transfer necessary funds; and
WHEREAS, it was necessary to construct the waterslide in the
spring of 1991 for availability to the public on a fee basis
beginning with the 1991 summer season at the municipal outdoor
swimming pool; and
WHEREAS, it was understood fees paid by the users of the
waterslide at the municipal outdoor swimming pool would provide
sufficient long range repayment funding for the work completed.
NOW, THEREFORE, BE IT RESOLVED. by resolution of the City
Council to transfer an amount not to exceed $250,000 from the
Permanent Improvement Revolving Fund to provide interim financing
for the construction of a waterslide at the municipal outdoor
swimming pool; and
BE IT FURTHER RESOLVED by resolution of the City Council a
7$ per annum interest rate will be charged for a flexible
repayment schedule based on the actual cash transferred for the
purpose of providing interim .financing and the actual fees
received for use of the waterslide improvement.
Passed by the. City Council of the City of Richfield, Minnesota,
this 12th day of August, 1991.
_,,
Martin~J irsch Mayor
ATTEST:
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Thomas P. Ferber City Clerk