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RESOLUTION NO. R2010-73 <br /> RESOLUTION EXTENDING THE INTERFUND LOAN <br /> FROM 2008 PROJECT FUND TO GENERAL FUND <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> DECATUR, ILLINOIS: <br /> Section 1. That the City Council on November 30, 2009 authorized the City <br /> Manager to transfer funds, in the form of a loan, from the 2008 Project Fund to the <br /> General Fund to avoid negative fund balances. <br /> Section 2. That the amount of the loan was not to exceed $1,000,000, and would <br /> be repaid by the end of the fiscal year ending April 30, 2010. <br /> Section 3. That the State of Illinois is currently four months behind in their <br /> income tax payments and currently owes the City of Decatur nearly $2,000,000, and <br /> because of that the City may not be able to repay the loan by April 30, 2010. <br /> Section 4. That the date that this loan needs to be repaid be extended to the end <br /> of the fiscal year ending April 30, 2011. <br /> Section 5. This resolution shall be in full force and effect from and after its <br /> approval by the City Council and remain in effect until April 30, 2011. <br /> PRESENTED and ADOPTED this 19�'day o ,April, 2010. <br /> , � <br /> MI H . Mc , MAY <br />, ATT T: <br /> � � <br /> �' � ' � . � " <br /> CITY CLERK <br />