1976-5658r112
RESOLUTION N0. 5658
RESOLUTION AUTHORIZING LOAN FROM PERMANENT
IMPROVEMENT REVOLVING FUND TO CITY PROJECT
NUMBER 705
WHEREAS, Resolutions Numbers 5645 and 5646 ordered City Project Number
705, a special assessment project providing acquisition of land for public
right-of-way and permanent street improvements for the Lyndale/Hub/Nicollet
redevelopment project area, and
WHEREAS, the Permanent Improvement~Revolving Fund was established to
.~~ provide temporary financing to special assessment projects until permanent
financing arrangements can be completed, and
• WHE_'EAS, it has been determined necessary to provide a temporary loan
in the amount of $50,000 to provide funds. to pay outstanding obligations
incurred to date.
NOW, THEREFORE BE TT RESOLVED by the City Council of the City of
Richfield,. Minnesota, as follows:
1. A temporary loan of $50,000 from the Permanent Improvement
,. Revolving Fund to City Project Number 705 is hereby authorized as of
December 1, 1976.
2. A11 such money so furnished shall be restored when and as
:efficient moneys are received in City Project Number 705, with interest
at. the rate of five percent per annum.
Passed by the City Council of the City of Richfield this 27th day of
December, 1976. - .
Loren L. Law Mayor
ATTEST;
Thomas J. Moran
City Clerk