22-121 (12-20) Authorizing Interfund Loan - Brookview IrrigationRESOLUTION NO. 22-121
AUTHORIZING AN INTERFUND LOAN FOR THE BROOKVIEW GOLF COURSE
IRRIGATION SYSTEM AND SETTING THE TERMS OF THIS INTERFUND LOAN
WHEREAS, Brookview Golf Course planned in their budget to replace the much
needed 37 year old irrigation system, and
WHEREAS, the projected financing of the in the amount of $1,500,000, includes
the issuance of an interfund loan from the Water and Sewer Utility Fund (Fund 7120),
and Storm Utility Fund (7300) in the amount of $750,000 each respectively.
NOW, THEREFORE, BE IT RESOLVED, that the City Council authorizes the
inter-fund loan in the amount of $1,500,000 to be financed from the Brookview Golf
Course (7150) as shown in Exhibit A; and
BE IT FURTHER RESOLVED that the City Council sets the term of this inter-
fund loan to be over a twenty-year period, with the principal amount to be paid off in the
year 2041 or earlier if enough revenue is generated. The interest on the unpaid balance
of this inter-fund loan will accrue annually at the rate of 4%.
Adopted by the City Council of Golden Valley, Minnesota this 20th day of December,
2022.
Shepard M. Harris, Mayor
ATTEST:
Theresa Schyma, City Clerk
DocuSign Envelope ID: 1817F112-A899-4A0D-9A86-BF307F9D234D
$1,500,000 Storm
Sewer
Date Principal Interest Total 7120 7300
10/31/2023 $49,986 61,112 111,099 $1,450,014 55,549 55,549
10/31/2023 $52,023 59,076 111,099 $1,397,991 55,549 55,549
10/31/2024 $54,142 56,956 111,099 $1,343,849 55,549 55,549
10/31/2025 $56,348 54,750 111,099 $1,287,501 55,549 55,549
10/31/2026 $58,644 52,455 111,099 $1,228,857 55,549 55,549
10/31/2027 $61,033 50,066 111,099 $1,167,824 55,549 55,549
10/31/2028 $63,519 47,579 111,098 $1,104,305 55,549 55,549
10/31/2029 $66,108 44,991 111,099 $1,038,197 55,549 55,549
10/31/2030 $68,801 42,298 111,099 $969,396 55,549 55,549
10/31/2031 $71,604 39,485 111,089 $897,792 55,544 55,544
10/31/2032 $74,521 36,577 111,099 $823,271 55,549 55,549
10/31/2033 $77,557 33,541 111,099 $745,714 55,549 55,549
10/31/2034 $80,717 30,382 111,099 $664,997 55,549 55,549
10/31/2035 $84,006 27,093 111,099 $580,991 55,549 55,549
10/31/2036 $87,428 23,670 111,099 $493,563 55,549 55,549
10/31/2037 $90,990 20,109 111,099 $402,573 55,549 55,549
10/31/2038 $94,697 16,401 111,099 $307,876 55,549 55,549
10/31/2039 $98,555 12,543 111,099 $209,321 55,549 55,549
10/31/2040 $102,571 8,528 111,099 $106,750 55,549 55,549
10/31/2041 $106,749 4,349 111,099 $1 55,549 55,549
$1,499,999 721,962 2,221,961 1,110,981 1,110,981
2,221,961.01
Water &
SewerPrincipal
Remaining
EXHIBIT A
DocuSign Envelope ID: 1817F112-A899-4A0D-9A86-BF307F9D234D