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<br />RESOLUTION NO. 11 <br />SERIES 2005 <br /> <br />A RESOLUTION CREATING AN INTERFUND LOAN AGREEMENT FOR THE <br />PAYMENT OF ADDITIONAL EXPENDITURES APPROPRIATED IN THE LIBRARY <br />CAPITAL CONSRUCTION FUND FOR THE CITY OF LOUISVILLE, COLORADO <br /> <br />WHEREAS, A need exists for additional funding of $1 ,600,000 to pay for construction costs of <br />the new library; <br /> <br />WHEREAS, the Fleet Management Fund and the Capital Projects fund has sufficient <br />unreserved and undesignated funds to loan for this purpose; and <br /> <br />WHEREAS, an interfund loan will be created between the Fleet Management and Capital <br />Projects Funds. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />LOUISVILLE, COLORADO; <br /> <br />Section 1. <br />1. The amount of $800,000 is hereby loaned from the Fleet Management Fund to the <br />Library Capital Construction Fund from AprilS, 2005 thru August 31, 2006 or the <br />closing date of the sale of the Library Building at 950 Spruce Street, Louisville, CO <br />whichever is sooner. <br />2. The amount of $800,000 is hereby loaned from the Capital Projects Fund to the Library <br />Capital Construction Fund from AprilS, 2005 thru August 31, 2006 or the closing date of <br />the sale ofthe Library Building at 950 Spruce Street, Louisville, CO whichever is sooner. <br /> <br />Payment of the loan will be repaid interest free. <br /> <br />Section 2. Nothing in this Resolution is intended to nor shall be construed to create any <br />multiple-fiscal year direct or indirect debt or other financial obligation whatsoever. <br /> <br />PASSED AND ADOPTED this 5th day of April, 2005 <br /> <br /> <br /> <br />CharI <br />