RESOLUTION NO. 11 SERIES 2005 A RESOLUTION CREATING AN INTERFUND LOAN AGREEMENT FOR THE PAYMENT OF ADDITIONAL EXPENDITURES APPROPRIATED IN THE LIBRARY CAPITAL CONSRUCTION FUND FOR THE CITY OF LOUISVILLE, COLORADO WHEREAS, A need exists for additional funding of $1,600,000 to pay for construction costs of the new library; WHEREAS, the Fleet Management Fund and the Capital Projects fund has sufficient unreserved and undesignated funds to loan for this purpose; and WHEREAS, an interfund loan will be created between the Fleet Management and Capital Projects Funds. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO; Section 1. 1. The amount of $800,000 is hereby loaned from the Fleet Management Fund to the Library Capital Construction Fund from April 5, 2005 thru August 31, 2006 or the closing date of the sale of the Library Building at 950 Spruce Street, Louisville, CO whichever is sooner. 2. The amount of $800,000 is hereby loaned from the Capital Projects Fund to the Library Capital Construction Fund from April 5, 2005 thru August 31, 2006 or the closing date of the sale of the Library Building at 950 Spruce Street, Louisville, CO whichever is sooner. Payment of the loan will be repaid interest free. Section 2. Nothing in this Resolution is intended to nor shall be construed to create any multiple-fiscal year direct or indirect debt or other financial obligation whatsoever. PASSED AND ADOPTED this 5th day of April, 2005
____________________________ Charles L. Sisk, Mayor
ATTEST: ____________________________ Nancy Varra, City Clerk