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81288.7 <br />TRANSFER OF MONIES FROM THE GENERAL FUND <br />TO THE P.I.R. FUND FOR COUNTY ROAD 15 STREET LIGHTING <br />WITH REPAYMENT FROM SPECIAL ASSESSMEN`PS LEVIED <br />AGAINST BENEFITTING PROPERTIES IN THE PROJECT AREA <br />WHEREAS, the P.I.R. Fund has inadequate monies available <br />at this time due to other commitments; and <br />WHEREAS, the General Fund does have adequate monies <br />available to provide a temporary funding source. <br />NOW, THEREFORE BE IT RESOLVED, by the City Council of <br />the City of Orono, Minnesota, that: <br />1. The General Fund transfer $113,540.94 to the P.I.R. <br />Fund, to be used to pay the construction costs of the <br />County Road 15 street light project, and <br />2. The transfer is considered a loan and is subject to <br />repayment from the P.I.R. Fund to the General Fund from <br />special assessments to be levied against properties <br />determined to benefit from the project of both principal <br />and interest levied under the special assessment. <br />Adopted by the City Council of the City of Orono, <br />Minnesota at a regular meeting held August 22, 1988. <br />James R. ^rabek, Mayor <br />-------------- <br />ATTEST: <br />-- - - - r - - - - - -- ------ <br />Dorothy M. Ha11in, City Clerk <br />