10-10443rRESOLUTION NO. 10443
RESOLUTION AUTHORIZING $1,000,000 INTERNAL LOAN FOR
CAPITAL IMPROVMENTS AT THE CITY'S WATER UTILITY OPERATION
WHEREAS; the City Charter allows for the City Council to make interfund loans by
resolution, and
WHEREAS, the planned -capital improvements are included in the 2011 Capital
Improvement Budget included in the 2011 City Budget, and
WHEREAS, the intemal loan will be from the City's Capital Improvement Reserve
Fund, and
WHEREAS, the repayment of the internal loan will be provided through the
revenues generated by the water utility operation.
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 intemal loan from the City's Capital
Improvement Reserve Fund to the City's Water Utility Operation to fund the capital
improvements.
2. The term of the loan will be ten (10) years in the amount of $1,000,000 with an 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 23rd day of
November, 2010.
Debbie Goettel, Mayor
ATTEST:
Nancy Gibbs,. ity Clerk