RES 14-49 City of
Elk
Fiver
Resolution 1449
A Resolution of the City of Elk River Authorizing an Interfund Loan for the
Implementation of Quiet Zone Improvements
WHEREAS, the city has determined to construct quiet zone improvement to reduce the
sound of train horns in the community; and
WHEREAS, the city is requesting a capital advance In the amount up to $850,000 from
the Liquor Enterprise Fund to the Street Improvement Reserve Fund as an 'interim financing
source: and
WHEREAS, it is deemed nil the best interest of this community-wide project to approve
the Interfund Loan to finance quiet zone improvements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, as follows: authorizes an Interfund Loan for quiet zone improvements,
subject to the following requirements:
LThe principal amount of the Interfund Loan not to exceed $850,000.
2. Where will be interest charged on the Interfund Loan at the annual rate of 2.46%.
3. Maintain the schedule of payments to expire on 08/01/2026 or 10 years.
4. Repayments will be made from an annual tax levy starting 1112015 levy year and
taxes payable 2016.
5. There will be no prepayment penalty.
6. All grant monies received by the city in order to implement the quiet zone
improvements shall be used to offset the debt.
Passed and adopted this 2nd day of September 2014.
PJ Mayor
n J. etz, M Mayor
ATTEST:
Tina Allard, City Clerk
Pp' EAEO 6v
INATURE1,