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City of <br />Elk -�-� <br />RiVer <br />City of Elk River <br />City Council <br />Resolution 23- <br />A Resolution of the City Council of the City of Elk River Authorizing an <br />Interfund Loan for Zamboni Purchase <br />WHEREAS, the cityT has determined the need for replacing the Zamboni at the FTCenter; <br />and, <br />WHEREAS, the cityT is requesting an interfund loan in the amount of $200,000 from the <br />Capital Reserve Fund to the FTCenter; and <br />WHEREAS, it is deemed in the best inteYest of the communit�r to approve the interfund <br />loan to finance the puYchase of the Zamboni. <br />NOW, THEREFORE, BE IT RESOLVED byT the CityT Council of the CityT of Elk <br />River, Minnesota, as follows: authorizes the interfund loan for the Zamboni purchase, <br />subject to the following requirements: <br />1. The principal amount of the loan will be $200,000. <br />2. There will be interest charged on the loan at an annual rate of 4%. <br />3. The loan balance will be repaid in annual installments of no less than $20,000. <br />4. The first payment will be made in 2024. <br />5. There will be no prepayrment penaltyr. <br />Passed and adopted this 18`i' day of DecembeY 2023. <br />John J. Dietz, Mayor <br />ATTEST: <br />Tina Allard, CityT Clerk <br />rowEREo er <br />���V�� <br />