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ww1i <br />OZEZZM3� <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 the Interfund Loan for the quiet zone <br />improvements, 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 08/01/2027 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 21st day of September 2015, <br />ATTEST: <br />Tina Allard, City Zf1crk' <br />JoYi. bletz' M" <br />h�r <br />