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^OUNCIi MEETINa <br />OEC I j 199, <br />REQUEST FOR COUNCIL ACTION <br />DATE: December 10,1999 <br />ITEM NO: ^ ^ <br />Department Approval: <br />Name Tom Kuehn <br />Title Finance Director <br />Administrator Reviewed:Agenda Section: <br />City Administrator's <br />Report <br />Item Description: <br />1999 Interfiind Transfers and Loan Payments <br />In December, 1998 the Building Capital Outlay Fund transferred $341,000 to the 1998 <br />Sewer Construction Fund to be used as a temporary loan to cover construction costs <br />incurred until such time as bonds were sold. The bonds were sold in July, 1999. At this <br />time the loan should be repaid in full. The amount due is $341,000 principal plus <br />$11,530 interest from 12/31/98 through 7/31/99 at 6.0%, for a total due of $352,530. <br />In December, 1998 the Building Capital Outlay Fund also transferred $475,000 to the <br />Water Opera^ng Fund to be used as a long-term loan and repaid over 15 years at 5.5%. <br />The loan was to provide partial funding for the Navarre water plant rehabilitation project. <br />The repayment of the loan is scheduled to begin in 1999. The total scheduled payments <br />for 1999 are $56,390. including principal payments of $31,660, and interest payments of <br />$24,730. <br />COUNCIL ACTION REQUESTED: <br />Approval of interfund loan payments to the Building Capital Outlay Fund from the 1998 <br />Sewer Construction Fund of $352,530, and from the Water Operating Fund of $56,390. <br />PROPOSED MOTION: - Moved by,____, seconded by., to approve the inter­ <br />fund loan principal and interest payments to the Building Capital Outlay Fund from the <br />1998 Sewer Construction Fund of $352,530, and from the Water Operating Fund of <br />$56,390, effective December 1, 1999. Ayes___, Nays___.