Resolution No. 2021-115 Interfund Loan for 53rd Ave Lift Station Imp Proj
Resolution No. 2021-115
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Cancelling an Interfund Loan for the 53 Avenue Lift Station Improvement Project
Whereas, on February 25, 2019, the Fridley City Council (Council) authorized the creation of a
Community Investment Fund – No. 450 (CI Fund) to support capital costs associated with the parks
and public utilities maintained by the City, effective December 31, 2018; and
Whereas, Section 7.10 of the City Charter (Charter) requires the Council to adopt a resolution
stipulating the structure and terms of any interfund loan; and
Whereas, on May 26, 2020 the Council adopted Resolution No. 2020-23, which approved an
Interfund Loan (Loan) from the CI Fund to the Sanitary Sewer Utility Fund – No. 602 (Utility Fund) to
support the design, engineering, construction, utility extensions and other reasonable expenses
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related to the 53 Avenue Lift Station Improvement Project, Project No. 20–519; and
Whereas, the Utility Fund had sufficient reserves to pay for the entire project out of fund balance;
and
Whereas, the Utility Fund will pay a loan issuance fee to the Community Investment Fund (CIF
Fund) in the amount of $1,020 due to the time put in by finance staff to initiate this loan.
Now, therefore be it resolved, that the City Council of the City of Fridley hereby cancels the
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Interfund Loan for the 53 Avenue Lift Station Improvement Project.
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Passed and adopted by the City Council of the City of Fridley this 22 day of November, 2021.
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Scott J. Lund – Mayor
Attest:
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Melissa Moore – City Clerk