Laserfiche WebLink
RESOLUTION NO. R2019- � 6 <br /> RESOLUTION AUTHORIZING THE CITY OF DECATUR TO PROVIDE AN <br /> INTERFUND CASH ADVANCE TO THE <br /> OLDE TOWNE TIF FUND <br /> WHEREAS, the Olde Towne TIF Fund must have funds in an amount to affect a positive <br /> cash position at the close of business as of December 31, 2018 for the purpose of funding debt <br /> and developer expenses;and, <br /> WHEREAS, the Olde Towne TIF Fund receives property tax revenues as the main source <br /> of revenue; and, <br /> WHEREAS, it is necessary for the City of Decatur to provide an interfund cash advance <br /> to the Olde Towne TIF Fund in an amount of$175,000 to affect a positive cash position as of the <br /> close of business December 31, 2018 until such time that the Olde Towne TIF Fund receives the <br /> 3rd distribution of the 2017 property taxes normally received in December. <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, <br /> ILLINOIS: <br /> Section 1. That an Interfund Cash Advance in amount of $175,000 to affect a positive <br /> cash position at the close of business as of December 31, 2018 to the Olde Towne TIF Fund of <br /> the City of Decatur, Illinois, be, and the same is hereby, received,placed on file, and approved. <br /> Section 2. That the City Treasurer is hereby, authorized and directed to affect said <br /> interfund cash advance to the Olde Towne TIF Fund on behalf of the City of Decatur, Illinois. <br /> Section 3. That the City Treasurer is hereby authorized and directed to repay in full the <br /> amounts transferred herein to the City of Decatur at such time that the Olde Towne TIF Fund <br /> receives the 3rd distribution of the 2017 property tax and has sufficient funds to repay the <br /> interfund cash advance to the City of Decatur. <br /> PRESENTED and ADOPTED this 22"a day of January 2019 <br /> � <br /> � � <br /> , ulie Moore olfe, Mayor <br /> A ES ' <br /> � �, <br /> Kim erly off, City lerk <br />