14-086 - 10-21 - Extend Payment for Loan for Little League Resolution 14-86 October 21, 2014
Member Fonnest introduced the following resolution and moved its adoption:
RESOLUTION EXTENDING PAYMENT TERMS TO RESOLUTION 12-22
LOAN FOR PARK IMPROVEMENTS BY GOLDEN VALLEY
LITTLE LEAGUE FOR ISAACSON PARK
WHEREAS, the Little League entered into an loan agreement with the City of
Golden Valley that was approved with Resolution 12-22 on March 20, 2012; and
WHEREAS, the Little League has asked for an extension of those terms on
September 9, 2014; and
WHEREAS, no terms of the agreement with Resolution 12-22 have changed except
for the extension of those terms by one year; and
WHEREAS, the Little League has guaranteed payment over the next three years
the remainder of the amount of $16,500 with payments due by October 31; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley as follows:
1. The City shall receive payments with no interest from the Golden Valley Little
League. The payments are due by October 31 in each year below:
Date Principal
10/31/2015 $5,500
10/31/2016 $5,500
10/31/2017 $5,500
2. Park Improvement Fund will receive the money for the loan to the Golden Valley
Little League.
F
She rd M. Harris, ayor
ATTEST:
'Kristine L Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Snope
and upon a vote being taken thereon, the following voted in favor thereof: Snope, Clausen,
Schmidgall, Fonnest and Harris and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and his signature attested by the City Clerk.