14-10988r RESOLUTION NO. 10988
AUTHORIZING $563,213 INTERNAL LOAN TO RETIRE THE GROSS REVENUE ICE
ARENA BONDS, SERIES 1999
WHEREAS, the City Charter allows for the City Council to make internal loans by
resolution; and
WHEREAS, the call of the Gross Revenue Ice Arena Bonds, Series 1999, will
facilitate the reclassification of the Recreation Enterprise Fund, and
WHEREAS, the Gross Revenue Ice Arena Bonds, Series 1999, were issued under
Minnesota Statute 471.191, and
WHEREAS, the funding for the call of the Gross Revenue Ice Arena Bonds, Series
1999, will be provided by an internal loan from the City's Golf Course Fund, and
WHEREAS, repayment of the internal loan will be provided by revenues generated
by the Ice Arena operation, and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota as follows:
1. The City Manager is authorized to execute an internal loan from the City's Golf
Course Fund to the Ice Arena operation to call the Gross Revenue Ice Arena
Bonds, Series 1999.
2. The term of the loan will be six (6) years in the amount of$563,213 at 1% interest.
Adopted by the City Council of the City of Richfield, Minnesota this 28th day of
October, 2014.
P. I
■■.
Debbie Goettel, Mayor
ATTEST:
A-CA-'(4
Nancy Gibb , C ty Clerk