08-22-1988 - Agenda Packet City Council - regular meeting

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81288.6 .V TO: Mark E. Bernhardson, City Administrator. 1� FROM: Tom Kuehn, Finance Director �.L'G N l5c rs DATE: August 12, 1988�� SUBJECT: Temporary Funding of Street Lighting Project County Road 15 Navarre Attachments: A. Proposed Resolution B. Hennepin County Invoice for Project Costs The City has received the billing for construction costs of street lighting for County Road 15 in Navarre. It is in the amount of $113,540.94 and is included with the bills presenter] for payment with the August 22, agenda. The charges from the County for contract administration and/or engineering will be invoiced upon completion of the project. It is the intent of the City to special assess the costs against benefitted properties. However, temporary financing is required until the costs are assessed. The P.I.R. Fund does not have adequate monies available at this time due to the concurrent project with Hennepin County for road improvements to County Road 15. The General Fund has adequate monies available for the temporary funding of the street lighting project. It is my recommendation to transfer the money from the General Fund to the P.I.R. Fund at this time; that the transfer be treated as a loan and that the P.I.R. Fund is to repay the loan from future special assessments levied for the street lighting project. I have enclosed a proposed resolution to transfer the monies and record the loan. ALTERNATIVES - 1. Approve 2. Modify and approve 3. Table TO: Mayor and City Council FROM: Mark Bernhardson, City Administrato Forwarded recommending approval. PROPOSED MOTION - Moved by , seconded by , to adopt Resolution # approving the transfer, as a loan, of 5113,540.94 from the General Fund to the P.I.R. Fund for payment of the County Road 15 street light project costs, and dedicating future assessments levied against benefitted properties to reimburse the General Fund for the loan including all attendent interest.