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Elk <br /> River <br /> Resolution 14-49 <br /> A Resolution of the City of Elk River Authorizing an Interfund Loan for the <br /> Implementation of Quiet Zone Improvements <br /> WHEREAS, the city has determined to construct quiet zone improvement to reduce the <br /> sound of train horns in the community;and <br /> WHEREAS, the city is requesting a capital advance in the amount up to $850,000 from <br /> the Liquor Enterprise Fund to the Street Improvement Reserve Fund as an interim financing <br /> source: and <br /> WHEREAS, it is deemed in the best interest of this community-wide project to approve <br /> the Interfund Loan to finance quiet zone improvements. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br /> River, Minnesota, as follows: authorizes an Interfund Loan for quiet zone improvements, <br /> subject to the following requirements: <br /> 1. The principal amount of the Interfund Loan not to exceed $850,000. <br /> 2. There will be interest charged on the Interfund Loan at the annual rate of 2.46%. <br /> 3. Maintain the schedule of payments to expire on 08/01/2026 or 10 years. <br /> 4. Repayments will be made from an annual tax levy, starting in 2015 levy year and <br /> taxes payable 2016. <br /> 5. There will be no prepayment penalty. <br /> 6. All grant monies received by the city in order to implement the quiet zone <br /> improvements shall be used to offset the debt. <br /> Passed and adopted this 2n' day of September 2014. <br /> 4n <br /> jn . etz, Mayor <br /> A'I'I`MST: <br /> Tina Allard, Cite Clerk <br /> NATURE <br />