89-057 - 10-03 Authorize Loan Park Maintenance and Vehicle Maintenance BuildingsResolution 89-57
October 3, 1989
Member Stockman introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE INTER -FUND LOAN NEEDED TO FINANCE
THE CONSTRUCTION OF THE PARK MAINTENANCE AND VEHICLE MAINTENANCE
BUILDINGS AND SETTING THE TERMS OF THIS INTER -FUND LOAN
WHEREAS, the City Council has authorized the construction of the park
maintenance and vehicle maintenance buildings for a total estimated cost of
$1,829,000; and
WHEREAS, the financing of these building projects includes an inter -fund
loan from the Utility Reserve Fund in the amount of $875,000.
NOW, THEREFORE, BE IT RESOLVED, that the City Council authorizes the
inter -fund loan in the amount of $875,000 from the Utility Reserve Fund (Fund
27) to the Building Fund (Fund 31).
BE IT FURTHER RESOLVED that the City Council sets the term of this loan to
be five (5) years with level annual principal payments in the amount of $175,000
beginning October 1, 1990 and continuing every year thereafter through October
1, 1994 with interest on the unpaid balance accruing at the rate of 8% per annum.
ry
Mary E. Viderson, Mayor
ATTEST:
alAy, Deputy g1ty we
Tie' motion for the adoption of the foregoing resolution was seconded by Member
Thompson and upon a vote being taken thereon, the following voted in favor
thereof: Anderson, Bakken, Johnson, Stockman and Thompson; and the following
voted against the same: none, whereupon said resolution was declared duly
passed and adopted, signed by the Mayor and her signature attested by the Deputy
City Clerk.