City Council Resolution 2018-56CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 2018-56
RESOLUTION APPROVING TRANSFER TO STATE OF
CERTAIN MONEYS RECEIVED FROM MINNESOTA
INVESTMENT FUND
WHEREAS, the City of Monticello (the "City") has previously received funds
awarded by the State of Minnesota (the "State") pursuant to its Minnesota Investment Fund
("MIF") program, as authorized under Minnesota Statutes, Section 116J.8731 (the "Act");
and
WHEREAS, the City previously designated the City of Monticello Economic
Development Authority (the "Authority") as the administrator of the MIF awards; and
WHEREAS, the Authority, as the administrator of the Monticello MIF Loan
Program for the City, has determined that there is currently a balance of $291,183.00 in
uncommitted money received from repayment of MIF awards (the "Uncommitted Funds");
and
WHEREAS, pursuant to Minnesota Laws 2017, Chapter 94, Article 6, Section 24
(the "2017 Law"), the State has authorized a one-time exception to the general restrictions
on the use of MIF awards under the Act, providing that if a city, county, or town that has
uncommitted money received from repayment of MIF awards and transfers twenty percent
(20%) of the balance of that money to the State general fund prior to June 30, 2018, the city,
county, or town may use the remaining eighty percent (80%) of the uncommitted money as
a general purpose aid for any lawful expenditure; and
WHEREAS, on June 13, 20181 the Board of Commissioners of the Authority
approved the transfer of $58,237.00 in Uncommitted Funds to the State general fund in
accordance with the 2017 Law which would leave a balance of $232,946.00 in
Uncommitted Funds; and
WHEREAS, upon the recommendation of the Authority, the City as the original
grantee of the MIF Funds has determined that it is in the best financial interest of the City to
exercise its option to transfer $58,237.00 in Uncommitted Funds to the State, such that the
remaining $232,946.00 in Uncommitted Funds will be available to the Authority and the
City without the restrictions on use required under the Act.
NOW THEREFORE, BE IT RESOLVED by the City Council as follows:
1. The City hereby approves the transfer of $58,237.00 of Uncommitted Funds
to the State general fund, pursuant to the 2017 Law.
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2. City staff and EDA staff are hereby authorized and directed to take all actions
necessary to effectuate such transfer prior to June 30, 2018, pursuant to the
requirements of the 2017 Law, and to transmit such funds along with a
certified copy of this Resolution to the State.
Approved by the City Council of the City on June 25, 2018.
Mayor
ATTEST:
Cit Jerk - U
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