HomeMy WebLinkAbout11-105 Transfer of Funds to EDA
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 1 - 105
A RESOLUTION APPROVING THE CLOSURE AND TRANSFER OF ACCOUNT BALANCES TO THE
ECONOMIC DEVELOPMENT AUTHORITY SPECIAL REVENUE FUND
Motion By: Erickson Second By: Soukup
WHEREAS, The City of Prior Lake has determined that economic de velopment is a priority; and
WHEREAS, The City has unrestricted fund balances available in the following funds; and
1. Economic Development Federal Revolving Loan Fund
2. Economic Development Minnesota Revolving Loan Fund
3. Downtown Redevelopment Fund
WHER EAS, The City deems it appropriate to make financial resources available to the Economic
Development Authority in order to achieve its objectives.
NOW THEREFORE , BE IT HEREBY RESOLVE D BY THE CITY COUNCI L OF PRIOR LAKE,
MINNESOTA as follows:
1. The recital s set forth above are incorporated herein.
2. Staff is authorized to close the following funds and transfer all account balances including any
remaining fund balance reserves to the Economic Development Authority Special Revenue Fund
(Fund 240) :
Economic De velopment Federal Revolving Loan Fund (Fund 250)
Economic Development Minnesota Revolving Loan Fund (Fund 255)
Downtown Redevelopment Fund (Fund 256)
PASSED AND ADOPTED THIS 6 th DAY OF SEPTEMBER , 201 1 .
YES NO
Myser x Myser
Erickson X Erickson
He dberg Absent Hedberg
Keeney Keeney X
Soukup X Soukup
______________________________
Frank Boyles, City Manager