09-10300rRESOLUTION NO. 10300
AUTHORIZING $1,291,350 INTERNAL LOAN FOR
ENERGY IMPROVEMENTS AT THE CITY'S ICE ARENA OPERATION
WHEREAS, the City Charter allows for the City Council to make interfund loans by
resolution, and
WHEREAS, the City Council has approved the project to be undertaken at the
City's Ice Arena Operation that will provide significant energy savings to the operation, and
WHEREAS, the funding of the project will be from an internal loan from the City's
Self Insurance Fund, and
WHEREAS, the repayment of the internal loan will be provided through the energy
savings realized through the project.
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 Self
Insurance Fund to"the City's Ice Arena Operation to fund the project.
2. The term of the loan will be twenty (20) years in the amount of $1,291,350 with a
beginning interest rate of 2%. The City Manager is authorized to adjust the interest rate
as market conditions may dictate.
Adopted by the City Council of the City of Richfield, Minnesota this 27th day of
October, 2009.
c
Debbie Goettel, Mayor
ATTEST:
Nancy Gibb ,City Clerk
10271ce Arena Internal Loan