2015-15 CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES,MINNESOTA
DATE: March 9,2015 RESOLUTION NO: 2015-15
MOTION BY: Ryan SECONDED BY: McDonald
A RESOLUTION AUTHORIZING A TRANSFER FROM THE GENERAL FUND AND
CAPITAL EQUIPMENT REPLACEMENT FUND OF$1.4 MILLION TO THE CITY' WATER
FUND. THE FUNDS TO BE USED FOR THE CONSTRUCTION OF WELL#15 AND REPAID
TO THE CAPITAL EQUIPMENT REPLACEMENT FUND AND REVOLVING ASSESSMENT
CONSTRUCTION FUND OVER THE NEXT 8 YEARS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHANHASSEN AS
FOLLOWS.
1 That the City is estimating there will be a significant surplus in the City's general fund for
fiscal year ending December 31, 2014, and
2 That a transfer of$700,000 from the City's General fund(101) and $700,000 from the
City's Capital Equipment Replacement fund(400)be made to the City's Water fund (700);
and
3 The funds transferred to the City's Water Fund be used to construct Well#15, and
4 That the attached repayment schedule be used to repay the funds starting with a
February 1, 2016 initial payment, of which the 2016-2019 payments will be credited to
the City's revolving assessment construction fund(601)and the 2020-2023 repayments
be credited to the City's capital equipment replacement fund(400), and
5 The City Council has the right to require repayment of any portion or the entire amount of
the loan prior to any payment dates indicated on the attached repayment schedule at its
discretion; and
Passed and adopted by the Chanhassen City Council this 9th day of March,2015.
ATTES •
T d Gerhardt, City Manager Denny Laufenpurger, M. or
YES NO ABSENT
Campion
Laufenburger
McDonald
Ryan
Tjornhom