The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #11-103
Approving temporary loan from General Fund to Sewer Capital Improvement Fund in the approximate amount of $170,000, exact amount to be determined at the close of business on June 30, 2011.
WHEREAS, The Council has approved expenses related to the Sewer Plant, related to the Flood and Levee Improvements, and
WHEREAS, The City expects FEMA / Iowa Homeland Security reimbursement for a portion of the Sewer Plant Flood related repairs, and expects to receive Bonding proceeds to assist with the cost of Levee construction in early July, 2011 and
WHEREAS, From a bookkeeping and accounting standpoint the Sewer Capital Improvement Account cannot end the fiscal year in the red, and
WHEREAS, The City Council finds it appropriate to loan the Sewer Capital Improvement Account the sum of $170,000 plus or minus, to be determined by the City Clerk / Treasurer at the close of business on June 30, 2011, at 0% interest, until such time as proceeds from FEMA / Iowa Homeland Security and the Bonding proceeds are received, at which time the General Fund shall be reimbursed.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve an internal loan to the Sewer Capital Improvement Fund in the approximate amount of $170,000.00 at 0% interest, with the exact amount to be determined as the close of business on June 30, 2011,with the loan to be repaid as soon as anticipated funds are received by the City from FEMA / Iowa Homeland Security and/or Bonding as noted herein.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 5th day of July, 2011.
John Sauser, Mayor Pro Tem
Attest:
Sally Hinrichsen, Monticello City Clerk