The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #18-120
Approving internal loan from the General Fund to the Water Operating Fund in an amount not to exceed $106,000
WHEREAS, Costs related to the maintenance of the West Well have come in well above estimates and based thereon it appears that the Water Operating Fund will need funds transferred in from the General Fund to cover the maintenance and repairs approved by the City Council, and
WHEREAS, A loan from the General Fund to the Water Operating Fund in an amount not to exceed $106,000, the approximate total project cost, will provide the flexibility necessary to pay for the project with available water funds with the balance to be covered by way of a transfer/loan from the General Fund to the Water Operating Fund, and
WHEREAS, The General Fund loan will be repaid with Bond proceeds, and
WHEREAS, The Council finds that a loan from the General Fund to the Water Operating Fund in an amount not to exceed $106,000, at 0% interest, to cover the costs associated with the West Well Maintenance and Repair project is appropriate and further finds that said internal loan should be repaid from Bond revenues anticipated to be received during FY ’19.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve of a transfer/loan from the General Fund to the Water Operating Fund in an amount not to exceed $106,000, the exact amount to be determined at or about project completion, at 0% interest per annum, to cover the costs related to the West Well Maintenance and Repair project, the principal of same to be repaid to the General Fund from FY ’19 bond proceeds as soon as is practicable.
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 15th day of October, 2018.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk