86-7159R35
RESOLUTION N0. 7159
RESOLUTION AUTHORIZING TRANSFER OF FUNDS
FROM PERMANENT IMPROVEMENT REVOLVING FUND
TO CP822 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 to 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 CP822 Alley Improvements; and
WHEREAS, the Permanent Improvement Revolving Fund has
sufficient. cash available to transfer necessary funds at the end
of each month to CP822 for work completed.
NOW, THEREFORE, BE IT RESOLVED by resolution of the city a 8~
per annum interest rate will be charged 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 of ichfield,
Minnesota, this 14th day of April, 198 .
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t. ~
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hn Ha Mayor
ATTEST:
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T omas P. Ferber City Clerk