HomeMy WebLinkAboutCity Council Resolution 2011-117CITY OF PLYMOUTH
RESOLUTION No. 2011-117
A RESOLUTION APPROVING THE USE OF THE COMMUNITY IMPROVEMENT
FUND AS A LOAN FOR SCHEDULED ATHLETIC FIELD LIGHTING REPLACEMENT
WHEREAS, the Community Improvement Fund was established by the City of Plymouth
City Charter; and
WHEREAS, the fiend is intended for community -wide benefit for projects that are capital
in nature; and
WHEREAS, the Park Replacement Fund was established to provide funding for the
maintenance and replacement of city parks, park equipment and trails; and
WHEREAS, by consolidating and expediting scheduled athletic field lighting
replacement the city was able to save over $600,000 in project costs; and
WHEREAS, additional costs and Park Replacement Fund sustainability will be
maintained through the use of an inter -fiend loan; and
WHEREAS, the use of the Community Improvement Fund meets stipulations required by
the City of Plymouth Code of Ordinances; and
WHEREAS, the term of the loan will be 10 years at three percent interest.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA that use of the Community Improvement Fund as an
inter-fiind loan source to the Park Replacement Fund.
Approved this 12t1' day of April 2011.