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City Council Minutes <br /> December 18, 2007 <br /> Page 6 of 6 <br /> ------------------------------- <br /> Council Member Sjoblad noted that we need to rely on our financial and <br /> bonding consultants. <br /> COUNCIL MEMBER SJOBLAD MOVED TO ADOPT RESOLUTION 07- <br /> 35 RECOGNIZING AN OBLIGATION IN REGARD TO AN INTERFUND <br /> LOAN RELATING TO TIF — 1-13. COUNCIL MEMBER ORASKOVICH <br /> SECONDED THE MOTION. MOTION CARRIED 5-0. <br /> 8.1.A. Transfer of Funds <br /> The Clerk noted that per recommendation from Ehlers, the City's financial <br /> advisors, a journal entry must be made from the TIF District 1-13 Fund to <br /> the Business Park Fund. The Clerk noted that the Council must approve <br /> all transfers. <br /> COUNCIL MEMBER NAGEL MOVED TO APPROVE A TRANSFER OF <br /> $63,400 FROM THE TIF DISTRICT 1-13 FUND TO THE BUSINESS <br /> PARK FUND (SEE RESOLUTION 07-35). COUNCIL MEMBER <br /> SJOBLAD SECONDED THE MOTION. MOTION CARRIED 5-0. <br /> 8.2. South Oak Street Project— Council Committee <br /> City Engineer Tim Houle explained an issue concerning a resident that <br /> resulted from the 2007 South Oak Street Project. Council Member Sjoblad <br /> noted that he would like two Council Members to work with the resident on <br /> this issue on behalf of the Council. Council Member Ryan indicated that <br /> he would assist Council Member Sjoblad in this endeavor. <br /> 9. Adiournment <br /> There being no further business, COUNCIL MEMBER NAGEL MOVED <br /> TO ADJOURN. COUNCIL MEMBER SJOBLAD SECONDED THE <br /> MOTION. MOTION CARRIED 5-0. <br /> The meeting of the City Council adjourned at 7:20 p.m. <br /> Respectfully submitted, <br /> Sandra A. Peine <br /> City Clerk <br />