87-7289R63
RESOLUTION NO. 7289
RESOLUTION AUTHORIZTNG TRANSFER OF FUNDS
FROM PERMANENT IMPROVEMENT REVOLVING FUND
TO CP 832 ALLEY IMPROVEMENTS 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
the purpose 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, it appears desirable to transfer funds to provide
interim financing for CP832 Alley Improvements; and
WHEREAS, the Permanent Improvement Revolving Fund has
sufficient cash available to transfer necessary funds. at the end
of each month to CP832 for work completed.
NOW, THEREFORE, BE IT RESOLVED by resolution of the City
Council a 7% per annum interest rate will be charged to the
project each month based on the accumulative cash transferred at
the end of each month, for the purpose of providing interim
financing.
Passed by the City Council of the City f Richfield,
Minnesota, this 23 day of March, 1~.,87,c'~ ,./~~
Ha¢-~lton Mayor
ATTEST:
Thomas Ferber City Clerk