RES 26-16City of Elk River
City Council
Resolution 26-16
A Resolution of the City Council of the City of Elk River Authorizing an Interfund
Loan for Fire Aerial Apparatus Purchase
WHEREAS, the city has determined the need for replacing the fire aerial
apparatus.
WHEREAS, the city is requesting an interfund loan in the amount of $2,058,746
from the Building Reserve Fund to pay for the fire aerial apparatus.
WHEREAS, it is deemed in the best interest of the community to approve the
interfund loan to finance the purchase of the fire aerial apparatus.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River,
Minnesota, as follows: authorizes the interfund loan for the fire aerial apparatus,
subject to the following requirements:
1. The principal amount of the loan will be $2,058,746.
2. There will be interest charged on the loan at an annual rate of 4%.
3. The loan balance will be repaid in annual installments according to the
amortization schedule identified in Exhibit over a 20-year term.
4. The first payment will be made in 2027.
5. There will be no prepayment penalty.
Passed and adopted this 2"d day of March 2026.
oDie
IJo
ATTEST:
Jolene Richter, Deputy Clerk
Exhibit A
Interfund Loan
(Building Reserve to Fire)
Dated:
4/1/2026
Payable to: City of Elk River -Building Reserve
Amount:
$2,058,746
Due: December
Interest Rate:
4.V19
Maturity. 12/1/2046
Term: 20 yr.
- Annual Amortization
Payments: Annual Principal & Interest Starting i21f/2027
Payment
Total
Unpaid Date
Payments
Period
Payment
Principal
Interest
Balance Paid
Remaining
411126
$2,058,746.00
20
1211127
$185,287.14
102,937.30
82,349.84
1,955,808.70
19
121128
$181,169.65
102,937.30
78,232.35
1,852,871.40
18
12/129
$177,052.16
102,937.30
74,114.86
1,749,934.10
17
12i1130
$172,934_66
102,937.30
69,997.36
1,646,996.80
16
12/1131
$168,817.17
102,937.30
65,879.87
1,544,059.50
15
1211/32
$164,699.68
102,937.30
61,762.38
1,441,122.20
14
1211W
$160,582.19
102,937.30
57,644.89
1,338,184.90
13
1211/34
$156,464.70
102,937.30
53,527.40
1735,247.60
12
12/1135
$152,347.20
102,937.30
49,409.90
1,132,310.30
11
12/1/36
$148,229.71
102,937.30
45,292.41
1,029,373.00
10
12/1/37
$144,11222
102,937.30
41,174.92
926,435.70
9
1211/38
$139,994.73
102,937.30
37,057.43
823,498.40
8
1211139
$135,87724
102,937.30
32,939.94
720,561.10
7
1211140
$131,759.74
102,937.30
28,822.44
617,623.8D
6
1211/41
$127,64225
102,937.30
24,704.95
514,686.50
5
1211/42
$123,524.76
102,937.30
2D,587.46
411,749.20
4
12/1/43
$119,40727
102,937.30
16,469.97
308,811.90
3
1211/44
$115,289.78
102,937.30
12,352.48
205,874.60
2
1211145
$111,17228
102,937.30
8,234.98
102,937.30
1
12/1/46
$107,054.79
102,937.30
4,117.49
0.00
0