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�, <br />Elk s �- <br />River <br />Request for Action <br />To Item Number <br />Ma Tor and CinT Council 4.8 <br />Agenda Section Meeting Date Prepared by <br />Consent A enda DecembeY 18, 2023 oe Stremcha, Assistant Cit�r Admitustrator <br />Item Description Reviewed by <br />Resolution: Authorize Interfund Loan for Zamboni Cal Pormer, Ci r Administrator <br />Purchase Reviewed by <br />Action Requested <br />Adopt, byT motion, a resolution authorizing an Interfund Loan for the FT Center Zamboni purchase. <br />Background/Discussion <br />To ensure cashflow, the facilit�T would like to finance the payTment through an interfund loan from the Equipment <br />Fund, which has sufficient balance to coveY the cost and account for futuYe planned vehicle and equipment <br />replacements in the Capital Improvement Fund. <br />Financial Impact <br />Loan Terms: <br />■ The principal amount of the loan will be $200,000. <br />■ There `vill be interest charged on the loan at an annual rate of 4%. <br />■ The loan balance will be repaid in annual installments of no less than $20,000. <br />■ The first payTment will be made in 2024. <br />■ There will be no prepayTment penaltyT. <br />Mission/Policy/Goal <br />C1earlyT defined use of funds to meet goals and priorities. <br />Attachments <br />■ Resolution authorizing an Interfund Loan <br />■ Interfund Loan Amortization Schedule <br />The Elk River Vision <br />A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional <br />se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. <br />�awEnEo ar <br />���V�� <br />Update�l• January 2023 <br />