EDA Resolution 2018-13CITY OF MONTICE LILO ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2018-13
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 its local development organization ("LDO") for
purposes of administering MIF awards; and
WHEREAS, the Authority, in its capacity as LDO for the City, currently has a
balance of $519,237 in uncommitted money received from repayment of MIF awards; 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
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 of the uncommitted money as a
general purpose aid for any lawful expenditure; and
WHEREAS, the Authority has approximately $103,847 in uncommitted MIF funds
(the "Uncommitted Funds"), and has determined that it is in the best financial interest of the
City to exercise its option to transfer such Uncommitted Funds to the State, such that the
remaining $415,3$9 in Uncommitted Funds will be available to the Authority and City
without the restrictions on use required under the Act.
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
City of Monticello Economic Development Authority as follows:
The Authority hereby approves the transfer of $103,847 of Uncommitted
Funds to the State general fund, pursuant to the 2017 Law.
2. Authority staff is 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.
5268480 MNI MN190-101
Approved by the City of Monticello Economic Dev me A hority on June 13, 2018.
r ident
ATTEST:
Ex u ve Director
526848v MNIMN190-101