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r <br />»-iNG <br />REQUEST FOR COUNCIL ACTION FfB I 0 m <br />DATE: February 10,2003 <br />ITEM NO: / Q: <br />DepaHment Approval » Administrator Reviewed: Agenda Section: <br />Name Tom Kuehn 7 City Administrator's <br />Title Finance Director kf//^') Report <br />Item Description: <br />Establish 2003 Navarre Fire Station Capital Project Fund and Interfund Loan <br />The City will be bonding for the construction of a fire station in the Navarre area this <br />year. It is advisable to account for the various project costs in a separate capital project <br />fund, which should be established at this time. In addition certain costs have been, or will <br />be incurred prior to the sale of the bond issue. It is recommended that a short term loan <br />be set up from the General Fund to the Navarre Fire Station Construction Fund to pay for <br />those costs incurred up to the sale of the bond issue. After the bonds are sold the General <br />Fund will be reimbursed from the Construction Fund. It has been determined that an <br />initial loan of $20,000 should be sufficient. <br />COUNCIL ACTION REQUESTED: <br />Establish the Navarre Fire Station Construction Fund, and authorize the transfer of <br />$20,000 from the General Fund to the Navarre Fire Station Construction Fund for the <br />payment of expenses incurred prior to the sale of bonds, at which time the loan will be <br />repaid. <br />Mdaifei