07-21-2014 - Laserfiche WebLink

Commission Minutes—July 21, 2014 4325 proceeds toward repayment of the flood diversion project debt with the remaining 9% of generated sales tax dollars for other flood control projects in the county. Michael Montplaisir, County Auditor, said funds will be withdrawn as needed. The financing method chosen will allow the maximum amount of dollars to be used at the least amount of cost to the county and city. Three resolutions have been drafted relating to interim financing of the diversion project: the first one authorizes the signing of the intergovernmental agreement between Cass County and Fargo; the second one dedicates county sales tax funds to be used toward payment of the debt obligations; and the third one authorizes the signing of the loan agreement with U.S. Bank. MOTION, passed Mr. Vanyo moved and Mrs. Scherling seconded to adopt Resolution #2014-10, Authorizing the Intergovernmental Agreement between Fargo and Cass County Government. On roll call vote, the motion carried unanimously. RESOLUTION #2014-10 AUTHORIZING INTERGOVERNMENTAL AGREEMENT WHEREAS, pursuant to approval by the voters of Cass County, North Dakota, the Cass County Commission enacted Ordinance No. 2010-2, providing for the imposition of a one- half percent (1/2%) sales and use tax; and WHEREAS, pursuant to Ordinance No. 2010-2, the proceeds of the one-half percent (1/2%) sales and use tax may be used for the engineering, land purchase, construction, and maintenance of a Red River Diversion and other flood control measures or the payment of special assessments or debt incurred for a Red River Diversion and other flood control measures, as authorized by the Cass County Commission; and WHEREAS, pursuant to approval by the voters of the City of Fargo, North Dakota, the Fargo City Commission enacted Article 3-21 of the Fargo Municipal Code providing for the imposition of a one-half percent (1/2%) sales and use tax ; and WHEREAS, pursuant to Section 3-2110 of the Fargo Municipal Code, the City of Fargo has dedicated the proceeds of the one-half of one percent (1/2%) sales and use tax on all gross receipts of retailers from all retail sales, including the leasing or renting of tangible personal property, within the corporate limits of Fargo, to provide funding to reduce the risk to the City of Fargo of a 500 year flood event; and WHEREAS, the City of Fargo and Cass County have determined that by cooperating in the issuance of debt for the FM Diversion, the two entities can increase efficiencies with respect to the financing of the Project. NOW, THEREFORE, BE IT RESOLVED by the governing body of Cass County, North Dakota, as follows: The Cass County Commission hereby approves the Intergovernmental Agreement by and between Cass County, North Dakota, and the City of Fargo, North Dakota, and authorizes the Chairman of the Cass County Commission and County Auditor to execute said Intergovernmental Agreement. Dated this 21st day of July, 2014.