05-037CITY OF SHOREWOOD
• RESOLUTION NO.05- 037
A RESOLUTION AUTHORIZING A TRANSFER OF FUNDS
FROM THE SEWER FUND TO THE GENERAL FUND; SETTING THE TERMS AND
PROVIDING FOR THE REPAYMENT THEREOF
WHEREAS, the City Council recently authorized the purchase of the residential property
immediately to the south of the city hall, and known as 5795 Country Club Road, Shorewood, MN
PID No. 33-117-23-14-0031; and an offer by the City to purchase this land has been made,
accepted, and concluded; and,
WHEREAS, the purchase was financed by a transfer of funds from the Sewer Fund to the
General Fund; and the City wishes to repay the inter -fund loan and transfer of funds from the Sewer
Fund at a fair market rate of return through the use of General Revenues; and the Council has
considered such provisions and specifications for the loan and repayment and found them to be fair
and reasonable;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Shorewood
as follows:
• 1. A transfer of $310,000 from the Sewer Fund to the General Fund is hereby authorized
by the Shorewood City Council.
•
2. The inter -fund loan will be repaid at an interest rate of 5% per year and will be payable
in semi-annual payments. The interest on the bonds will be payable on August 1 and
February 1 of each year, commencing on August 1, 2005.
3. The City may elect to prepay the debt in whole or in part at any time. Redemption will
be at the option of the City and in such manner as the City will determine.
ADOPTED by the City Council of the City of Shorewood, Minnesota, this 25th day of
April 2005.
WOODY LOVE, MAYOR
ATTEST:
CRAIG VWAWSON, CITY ADMINISTRATOR