RES 15-59ww1i
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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,
ATTEST:
Tina Allard, City Zf1crk'
JoYi. bletz' M"
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