86-7167R43
RESOLUTION N0. 7167
RESOLUTION ESTABLISHING A CURRENT ANNUAL INTEREST
RATE ON LONG TERM ADVANCE FROM SEWER UTILITY FUNDS
TO GOLF COURSE FUND FOR THE YEAR 1986
WHEREAS, a long-term loan of $135,000 remains outstanding
from the Sewer Utility Fund to the Golf Course Fund; and
WHEREAS, the annual interest rate of nine percent has been
previously charged to the Golf Course Fund; and
WHEREAS, the current interest earnings on investments is
yielding a return of approximately seven percent.
NOW, THEREFORE, BE IT RESOLVED by resolution of the City
Council that a seven percent per annum interest rate will be
charged to the Golf Course Fund May 1 and November 1 of each
year on the remaining loan value, subject to annual review.
Passed by the City Council of the City of Richfield,
Minnesota this 28th day of April, 1986. 7~~~
P L.~IY `°
Ivan Ludeman Mayor Pro Tem
ATTEST:
'' t
Thomas Ferber Ci y Clerk