HomeMy WebLinkAbout03-189 - ADMIN Resolution - City Council - 2003/12/150
RESOLUTION NO. 03-189
RESOLUTION RATIFYING AND SPECIFYING TERMS OF
INTER -FUND LOAN
RECITALS
A. The City of St. Louis Park ("City") established a Permanent Improvement
Revolving Fund to assist with financing improvements and advancing funds for projects that will
be later reimbursed.
B The Storm Water Utility Enterprise Fund is in the process of correcting flood
areas within the City of St Louis Park
C. It is necessary to correct the flood areas within the City of St. Louis Park in a
timely fashion to prevent future problems
D. In order to provide funds for these flood area corrections, the Permanent
Improvement Revolving Fund will loan $700,000 to the Storm Water Utility Enterpnse Fund
E The Storm Water Utility Enterprise Fund is responsible for full repayment of this
loan.
F The loan will collect interest at a rate of 3 3354%. The term of the loan is ten (10)
years and payments are to be made on a monthly basis
Park
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G The first loan payment is due on February 1, 2004
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis
1 The unpaid pnncipal amount of the loan bears interest at the rate of 3 3354%
percent per annum accrued from the dates of disbursement
2 The pnncipal amount of the loan shall be repaid over a penod of ten (10) years
3. The Council ratifies all actions of its staff in making the Storm Water Utility
Enterprise Fund Loan
4 The Council authorizes and directs staff to take all actions necessary to repay the
outstanding balance of the Loan in accordance with this resolution.
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Attest:
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Adopted by the City Council December 15, 2003
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