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RESOLUTION NO. 96--200
A RESOLUTION AUTHORIZING AN ADVANCEMENT
FROM OTHER CITY FUNDS TO TAX INCREMENT
FINANCING DISTRICT NO.7
WHEREAS, the creation of Tax Increment Financing District No.7 was approved by the City
Council on the 18th day of June, 1996; and,
WHEREAS, the original net tax capacity of the District was certified to by the County Auditor
on the 1st day of July, 1996; and,
WHEREAS, in order to achieve the objectives of the plan and the program for the District, the
City has entered into an Agreement to purchase and hold certain land within the District for reconveyance
to a developer for a project that has been envisioned by the plan that will ultimately benefit the economy
of the City by increasing job opportunities and enhancing the tax base of the City; and
WHEREAS, because the District is newly created, funds within the District are insufficient for
the purpose of the acquisition and, therefore, it is necessary on a temporary basis to advance funds from
other City available funds to be repaid from the increments generated from Tax Increment Financing
District No.7 and other funds that will accrue to the District by reason of the sale of other publicly
owned land within the District for approved projects.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. That the Chief Financial Officer of the City is empowered to advance funds from other
City funds sufficient to fund the purchase of the Territorial Prison Site according to a Purchase
Agreement approved by the City Council and to take the action necessary to accomplish this advancement
on the condition that the funds from which an advancement are made be reimbursed to each fund as
quickly as possible out of either available Tax Increments, grants in aid received by the City through the
State, Federal or other programs and out of the sale of any publicly owned land within the District
together with such rate of interest as is recommended by the Chief Financial Officer. Further, that the
Chief Financial Officer is authorized to memorialize the advancements that are necessary for accounting
purposes.
Enacted by the City Council of the City of Stillwater this 6