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City of <br /> River <br /> Resolution I S- <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 rap to $850,000 from <br /> the Liquor Enterprise Fund to the Street Improvement Reserve Fund as an interim financing <br /> source. and <br /> ai EREAS, it is deemed in the hest interest of this community wide project to approve <br /> the Interfund Loan to finance Quiet Zone improvements. <br /> IktC3W, THEREFORE, RE IT RESOLVED by the City Council of the City of Elk <br /> River, Minnesota, as follows. authorizes the Interfund Loan for the quiet zone <br /> improvements, subject to the following requirements- <br /> 1. T <br /> equirements.1. 1 he 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 payrnents to expire on 08/01/2027 or 10 years. <br /> 4. Repayments will be made from an annual tax levy starting in 2016 levy year and <br /> taxes payable 2017. <br /> 5. There will be no prepayment penalty. <br /> passed.and adopted this 21 st day of September 2015. <br /> Jo i. Dietz, l or <br /> ATTEST <br /> Tina Allard, City Clerk <br /> p011811' Bt ' <br />