Resolution 4551 - UDAG Loan to West Side Urban Renewal District Fund2106
RESOLUTION NO. 4551
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO ADVANCE FUNDS FROM
THE UDAG FUND TO THE WESTSIDE URBAN RENEWAL DISTRICT FUND IN THE
AMOUNT OF $75,000.00 FOR THE PURPOSE OF FINANCING THE START UP
COSTS FOR THE DISTRICT, INCLUDING LEGAL FEES AND OTHER
ADMINISTRATIVE COSTS.
WHEREAS, the City has in its UDAG account funds to be invested on
a long-term basis,
WHEREAS, the Westside Urban Renewal District needs to finance a
portion of the costs to be paid from future increment of
the. District for cash flow purposes,
WHEREAS, the District is willing to pay interest at 6°k per annum,
WHEREAS, the District anticipates future increment upon completion
of the Westgate improvements,
WHEREAS, the City is authorized and required to transfer funds
from one fund to another fund only by resolution or
ordinance.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL AS FOLLOWS:
That the Finance Director is hereby authorized and
directed to advance the aforementioned funds from the
UDAG account to the Westside Urban Renewal District.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL
AND SIGNED BY THE MAYOR THIS 17TH DAY OF APRIL, 2000.
ATTEST:
Theresa White
City Clerk
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Wm. E. Boharski
Mayor
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