Resolutions-2013-127

Advance") in order to fund the 2012 Industrial Park Water Main Project. The Water Line Advance shall be repaid to the Water Utility Fund, without interest, out of incremental property tax revenues received with respect to the Urban Renewal Area. It is intended that the Water Line Advance shall be repaid before July 1, 2013. The City Council hereby determines that there are incremental property tax revenues available for such purpose which have accumulated in the Tax Increment Fund and directs that the Water Line Advance be repaid from such revenues. Section 4. It is hereby directed that an amount not in excess of Two Hundred Sixty-Four Thousand Dollars ($264,000) be advanced from the General Fund (the "Grant Advance") in order to fund the PR Builders, Inc./IPL Development, Inc. Grant Program. The Grant Advance shall be repaid to the General Fund, without interest, out of incremental property tax revenues received with respect to the Urban Renewal Area. It is intended that the Grant Advance shall be repaid before July 1, 2013. The City Council hereby determines that there are incremental property tax revenues available for such purpose which have accumulated in the Tax Increment Fund and directs that the Grant Advance be repaid from such revenues Section 5. A copy of this Resolution shall be filed in the office of the County Auditor of Johnson County, Iowa to evidence the Advances. Section 6. All resolutions or parts thereof in conflict herewith, are hereby repealed, to the extent of such conflict. PASSED AND APPROVED this June 20, 2013. Steven L. Berner, Mayor Attest: Michon Jackson, City Administrator/Clerk