84-6896R30
RESOLUTION N0. 6896
RESOLUTION AUTHORIZING TRANSFER OF FUNDS
FROM PERMANENT IMPROVEMENT REVOLVING FUND
TO CP793, 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 -
a
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 CP793, Alley Improvements-; and
WHEREAS, the Permanent Improvement Revolving Fund has
sufficient cash available to transfer necessary funds at the
end of each month to CP793 for work completed..
NOW, THEREFORE, BE IT RESOLVED by resolution of the city a
9~ 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 o~ ichfield,
Minnesota, this 29th day of May, 198u.%~ ~~ '
onn ~t,a~milLOn Mayor
ATTEST:
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