HomeMy WebLinkAboutResolution 4221 Approved in 2010, Closing the Bozeman Clean-up Blast FundCOMMISSION RESOLUTION NO, 4221
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, CLOSING THE BOZEMAN BLAST CLEAN -UP LOAN FUND,
RETURNING MONIES TO THEIR ORIGINAL FUNDING SOURCES, AND
ALLOCATING INTEREST EARNINGS TO PROSPERA BUSINESS NETWORK FOR
ADMINISTRATION OF THE FUND,
WHEREAS, on May 18, 2009 the Commission adopted Resolution No. 4168
CREATING, CAPITALIZING, AND ESTBLISHING THE GUIDELINES FOR THE
BOZEMAN BLAST CLEAN -UP LOAN FUND ( "the Fund), and
WHEREAS, the Fund consisted of $90,000 of money recycled from the City's
Economic Development Revolving Loan Fund, $110,000 of money from the City's Housing
Revolving Loan Fund, $50,000 from the City's general fund; and $50,000 from Northwestern
Energy pursuant to the Bozeman Downtown Recovery Fund Participation Agreement, approved
by the City Commission for signature by the City Manger on May 18, 2009, and
WHEREAS, on May 26, 2009 the Commission entered into an Memorandum of
Understanding for Administration of the Fund with Prospera Business Network that required
Prosper to "Determine when eligible activities are complete and no more loan funds will be
available to Borrowers and when unused portions of the Fund may be returned to their original
sources ", and
WHEREAS, on October 13, 2009 the City received notice from Prospera Business
Network that the blast site had been cleared of the "existing debris," that no monies had been
COMMISSIO'S RESOLI TION NO. 4221
A RESOM T1O'S OF THE Crrl COMMISSION OF TILE CITI' OF BOZEMAN, MONTANA, CLOSING THE BOZEMAN BLAST
CLFANA P LOAN FI ND AND RETURNING AIO\F.l S TO THEIR ORIGINAL SOi RCES.
Pa-C I of 3
disbursed from the Fund, that approximately $100 of interest earnings had accrued on the
account through August 2009, and that they request the loan monies be returned to their original
funding sources.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana:
Section I - Fund Closure
The Bozeman Blast Clean -Up Loan Fund is hereby closed.
Section 2 — Return of Funding Sources
The following amounts will be returned to their original funding sources:
i. $50,000 to the City General Fund.
ii. $50,000 to NorthWestern Energy.
iii. $110,000 to the City's Housing Revolving Loan Funds.
iv. $90,000 to the City's Economic Development Revolving Loan Fund.
Section 3 — Accumulated Interest Earnings
As compensation for fund administration services, Prospera will retain the interest
earnings that have accumulated on the Fund from its creation to its closure, estimated to be
approximately $125.00.
COMMISSION RESOLITION NO.4221
t RESOLI TION OF THE (7Tl COMMISSION OFTIIE ('171 OF BOZE11AN. MONTANA, ('LOSING TILE BOZENIAN BLAST
CLEANA P LOAN FIND AND RFTURNING'1IONEYS TO THEIR ORIGINAL SOURCES.
Page 2 of 3
PASSED AND APPROVED by the Cite Commission of the City of Bozeman, Montana, at a
regular session thereof held on the 1 st day of March 2010.
JEF�t',ko (K. KRAUSS
Mayor
ATTEST:
.1
STA UL Cmc
City Clcl1c
�'.S3 . a
APPROVED AS TO FORM:
AE4-
SULLIVAN
City Attorney
( 0N111ISSION RESOL "I [ON NO. 4221
1 RESOI.I I ION OF HIE (`UII CONIN1ISSION OF TIIF. (TIN OF BOZF:NJ kN. %I ON I,XNA, CLOSING TIIE ROZE,NJ,t1 BLASI
UI -F1\ -1 P LOA ti F ND ANN) RETURN ING'*IONEI S TO TJJEIROR]GINAL SOlRCES.
Page 3 of 3