Resolutions-2014-080

incremental property tax revenues available for such purpose which have been allocated to or accrued in the Tax Increment Fund relative to the City Park Advance, and the City Council reserves the right to appropriate funds to the repayment of the City Park Advance, or to withhold such appropriation, at its discretion. Section 3. It is hereby directed that an amount not in excess of One Hundred Twenty-Five Thousand Dollars ($125,000) be advanced from the General Fund (the "Prairie West Advance") in order to fund the Prairie West Streetscape Improvements Project. The Prairie West 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 Prairie West Advance shall be repaid in three annual installments on June 1, in each of the years 2017 through 2019, inclusive, provided, however, that repayment of the Prairie West Advance is subject to the determination of future City Councils that there are incremental property tax revenues available for such purpose which have been allocated to or accrued in the Tax Increment Fund relative to the Prairie West Advance, and the City Council reserves the right to appropriate funds to the repayment of the Prairie West Advance, or to withhold such appropriation, at its discretion. Section 4. It is hereby directed that an amount not in excess of Four Hundred Thousand Dollars ($400,000) be advanced from the General Fund (the "Highway 6 Advance") in order to fund the 2014-2015 Highway 6 Turn Lane Construction Project. The Highway 6 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 Highway 6 Advance shall be repaid in four annual installments on June 1, in each of the years 2017 through 2020, inclusive, provided, however, that repayment of the Highway 6 Advance is subject to the determination of future City Councils that there are incremental property tax revenues available for such purpose which have been allocated to or accrued in the Tax Increment Fund relative to the Highway 6 Advance, and the City Council reserves the right to appropriate funds to the repayment of the Highway 6 Advance, or to withhold such appropriation, at its discretion. 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 as set forth herein. Pursuant to Section 403.19 of the Code of Iowa, the City Clerk is hereby directed to certify, no later than December 1, 2014, the original amount of each Advance.