RESOLUTION 07-158

Introduced by Councilor Brooks

RESOLUTION AUTHORIZING FUND TRANSFER

THE CITY OF ALBERT LEA RESOLVES:

            Sec. 1.       That the City Council hereby authorizes the following transfer of funds:

• Transfer $25,000 from unreserved fund balance of the general fund to the newly created downtown revolving loan fund.

• Transfer $400,000 from the unreserved fund balance of the general fund to the capital projects fund to be applied to the city’s portion of costs for the 8th Avenue Storm Lift project.

• Transfer $325,000 from the general fund to the capital projects fund to reimburse the capital projects fund for the sprinkler system and asbestos removal completed in city hall and $40,000 from the general fund to the central garage fund to reimburse the central garage fund for a new take home squad car for lieutenants that was purchased with the P&F interest earnings from 2006 per Council Resolution 06-315.

• Transfer $5,378.31 from TIF 5-9 to TIF 5-15 to close out the balance of this fund.

            Sec. 2.       That reading of this resolution is waived by Council consent.

            Sec. 3.       That publication of this resolution shall be dispensed with under provisions of Section 3.08 of the Charter of the City of Albert Lea.

That the motion for the adoption of the foregoing resolution was duly seconded by Councilor Marin, and upon a vote being taken thereon, the following voted in favor thereof: Councilors Rasmussen, Baker, Marin, Olson, Severtson, Brooks and Mayor Erdman.

And the following voted against the same: None.

Introduced, read and passed September 10, 2007.

      /s/                                                                 
Mayor Randall Erdman

Filed and attested September 11, 2007.

     /s/                                                                  
Secretary of the Council