HomeMy WebLinkAboutResolution No. 215-17 - DMC.FundingPayback
RESOLUTION
BE IT RESOLVED by the Common Council of the City of Rochester as follows:
1. $1.2 million of the current $0.25% DMC sales tax revenue shall be
allocated each year, starting in 2018, and shall continue each year until
the $7.6 million in advance funds, plus interest, is paid back to the Flood
Control Account. One-half of each yearly amount should be appropriated
in June and December of each year.
2. $7.6 million of the $20 million authorized by the 2013 local sales tax shall
be appropriated to the Flood Control Account at this time.
BE IT FURTHER RESOLVED that the City recommend future City Councils repay the
$7.6 million, plus interest, from the DMC sales tax revenues to the 2013 sales tax account as
new future DMC sales tax revenues become available.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2017.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2017.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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