4.3. SR 09-21-2015 EGty1� ,.,�� Request for Action
River
To Item Number
Mayor and City Council 4.3
Agenda Section Meeting Date Prepared by
Consent September 21, 2015 Tim Simon, Finance Director
Item Description Reviewed by
Quiet Zone Interfund Loan Amendment Cal Portner, City Administrator
Reviewed by
Action Requested
Approve,by motion, an amendment to Resolution 14-49 regarding interfund loan for the Quiet Zone
improvements.
Background/Discussion
On September 2, 2014, the Council approved an interfund loan agreement for the implementation of
Quiet Zone improvements. This loan combined with the Street Improvement Reserve Budget line item
is anticipated to fund the Quiet Zone improvement.
Due to the recent updates regarding the timing of the improvements, staff is recommending adjusting
Resolution 14-49 since the project more than likely won't be completed in 2015.
The new resolution and repayment schedule is only an estimate and once the project is complete a final
amortization schedule will be completed with the actual interfund loan amounts.
Financial Impact
Anticipated to be included in the 2016 levy for taxes payable 2017 once final costs are determined in
regards to the implementation of quiet zone improvement project.
Attachments
■ Modified Resolution 14-49
■ Updated quiet zone interfund loan resolution and amortization schedule
■ 2015-2019 Quiet Zone Capital Improvement Plan sheet
POWERED 6T
AR
City of
Elk
*��
River
Resolution 14-
A Resolution of the City of Elk River Authorizing an Interfund Loan for the
Implementation of Quiet Zone Improvements
WHEREAS, the Gtr6ty has determined to construct quiet zone improvement to reduce
the sound of train horns in the community;and
WHEREAS, the cEity 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 in 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 the Interfund Loan for the quiet zone
improvements, subject to the following requirements:
1. The principal amount of the Interfund Loan not to exceed $850,000.
2. There will be interest charged on the Interfund Loan at the annual rate of 2.46%.
3. Maintain the schedule of payments to expire on 08/01/2026x2027 or 10 years.
4. Repayments will be made from an annual tax levy starting in 2015 2016 levy year
and taxes payable 204-62017.
5. There will be no prepayment penalty.
Passed and adopted this 21st day of September— 204-42015.
John J. Dietz,Mayor
ATTEST:
Tina Allard, City Clerk
UREJ
City of
Elk
River
Resolution 15-
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 in 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 the Interfund Loan for the quiet zone
improvements, subject to the following requirements:
1. The principal amount of the Interfund Loan not to exceed $850,000.
2. There will be interest charged on the Interfund Loan at the annual rate of 2.46%.
3. Maintain the schedule of payments to expire on 08/01/2027 or 10 years.
4. Repayments will be made from an annual tax levy starting in 2016 levy year and
taxes payable 2017.
5. There will be no prepayment penalty.
Passed and adopted this 21st day of September 2015.
John J. Dietz,Mayor
ATTEST:
Tina Allard, City NATUREJ
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