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City of Elk River <br />City Council <br />Resolution 23-63 <br />A Resolution of the City Council of the City of Elk River Authorizing an <br />Interfund Loan for Zamboni Purchase <br />WHEREAS, the city has determined the need for replacing the Zamboni at the FTCenter; <br />and, <br />WHEREAS, the city 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 interest of the community to approve the interfund <br />loan to finance the purchase of the Zamboni. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk <br />River, Minnesota, as follows: authorizes the interfund loan for the Zamboni purchase, <br />f � <br />subject to the following requirements: <br />1 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 prepayment penalty. <br />Passed and adopted this 18" day of December 2023. <br />Kietz, <br />J n <br />ATTEST: <br />r� <br />—4( Z 11 . <br />Tina Allard, City Clerk <br />NAtURE <br />