HomeMy WebLinkAbout1985-114 CCRMember Bill Hawes introduced the following resolution and
moved its adoption;
RESOLUTION NO 85 114
RESOLUTION ESTABLISHING A MUNICIPAL GOLF COURSE ENTERPRISE
FUND AND AUTHORIZING AN INTERFUND LOAN
WHEREAS, pursuant to a public hearing held on June 24, 1985, the City
Council of the City of Brooklyn Center has determined that it is in the best
interests of the City to provide for the construction and the operation of a
municipal golf course; and
WHEREAS, the City Manager has presented to the Council a recommended
financial plan for the construction and the operation of a municipal golf course:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, that in accordance with that plan:
1. The Director of Finance is directed to establish a Municipal
Golf Course Enterprise Fund.
2. An amount of $600,000 is hereby appropriated to the Municipal
Golf Course Improvement Project No. 1985 -23, Division 48, of
the Capital Projects Fund from the Capital Projects Fund fund
balance.
3. An additional amount of $500,000 is hereby appropriated to the
Municipal Golf Course Improvement Project No. 1985 -23, Division
48, of the Capital Projects Fund. The additional amount is to
be financed from the Municipal Golf Course Enterprise Fund.
4. A loan in the amount of $500,000 at an annual interest rate of
5% is hereby approved from the Capital Projects Fund to the
Municipal Golf Course Enterprise Fund. The loan shall be dated
at that time when the golf course construction is completed and
the Municipal Golf Course Enterprise Fund reimburses the Capital
Projects Fund for those construction costs which exceed $600,000.
Mayor
ATTEST:
The motion for tWe adoption of the foregoing resolution was duly seconded by
member Gene Lhotka and upon vote being taken thereon, the following
voted in favor thereof: Dean Nyquist Gene Lhotka, Bill Hawes, and
Rich Theis;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
June �24, 1985
Date