85-7017R59
RESOLUTION N0. 717
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS
FROM PERMANENT IMPROVEMENT REVOLVING FUND
TO CP 813, RICHFIELD STATE AGENCY STORM SEWER IMPROVEMENTS,
TO PROVIDE .INTERIM FINANCING OF SAID PROJECT
WHEREAS, the ordinance code of the City of Richfield
provides far 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 CP 813, Richfield State Agency Storm
Improvements; and,
WHEREAS, the Permanent Improvement Revolving Fund has
sufficient cash :available to transfer necessary funds at the end
of each month to CP 813. for work completed. '
NOW, THEREFORE, BE IT RESOLVED by resolution of the city a
9~ per annum interest rate wi17. 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 e
Minnesota, this 11th day of Math, 198
of Richfield,
n Ha~'illton Mayor