12-11 Resolution No. 11576 RESOLUTION NO. 11576
RESOLUTION AUTHORIZING AN INTERNAL LOAN UP TO $900,000 FOR COSTS
INCURRED IN THE REMODELING OF CITY MUNICIPAL LIQUOR STORES
WHEREAS, the City Charter allows for the City Council to make internal loans by
resolution; and
WHEREAS, the City Council has approved the remodeling of City municipal liquor
stores, and
WHEREAS, the additional funding of the project will be from an internal loan from
the City's Capital Improvement Reserve Fund, and
WHEREAS, repayment of the internal loan will be provided by revenues generated
by the municipal liquor operations, 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 Capital
Improvement Reserve Fund to the Liquor Operations Fund to provide additional
funding for the remodeling of municipal liquor stores.
2. The term of the loan will be seven (7) years in an amount up to $900,000 at 2.25%
interest.
3. The internal loan will be effective as of December 31, 2018.
Adopted by the City Council of the City of Richfield, Minnesota this 11th day of
December, 2018.
Pat Elliott, Mayor
ATTEST:
Elizabet nHoose, ity Clerk