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CITY OF LINO LAKES
<br />RESOLUTION NO.22-103
<br />APPROVAL OF INTERFUND LOAN FOR FIRE APPARATUS
<br />WHEREAS, the City has contracted with Custom Fire to purchase two pumper tanker fire
<br />trucks in the amount of $2,262,000.
<br />WHEREAS, the City will finance the purchase through an interfund loan. Interfund loans
<br />eliminate bond issuance costs, bypass continuing disclosure and post issuance compliance
<br />requirements, and allow for better control of the interest rate on the loan.
<br />WHEREAS, the City will loan $2,262,000 from the Sewer Fund (602) to the Capital Equipment
<br />Replacement fund (402) for a ten-year loan term with an interest rate of 1.00%. The annual
<br />payment will be added to the property tax levy for payable years 2024- 2033. The interest rate is
<br />based upon investment earning assumptions in the City's most recent utility rate study.
<br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes
<br />approval of the interfund loan in the amount of $2,262,000 from the Sewer Fund to the Capital
<br />Equipment Replacement Fund:
<br />Date
<br />Issuance
<br />Principal
<br />Due
<br />Interest Due
<br />Balance
<br />Total Pmt/
<br />Levy
<br />12/31/2023
<br />$ 2,262,000
<br />$
<br />-
<br />$
<br />-
<br />$
<br />2,262,000
<br />$
<br />-
<br />12/31/2024
<br />$ -
<br />$
<br />226,200
<br />$
<br />22,620
<br />$
<br />2,035,800
<br />$
<br />248,820
<br />12/31/2025
<br />$ -
<br />$
<br />226,200
<br />$
<br />20,358
<br />$
<br />1,809,600
<br />$
<br />246,558
<br />12/31/2026
<br />$ -
<br />$
<br />226,200
<br />$
<br />18,096
<br />$
<br />1,583,400
<br />$
<br />244,296
<br />12/31/2027
<br />$ -
<br />$
<br />226,200
<br />$
<br />15,834
<br />$
<br />1, 357, 200
<br />$
<br />242,034
<br />12/31/2028
<br />$ -
<br />$
<br />226,200
<br />$
<br />13,572
<br />$
<br />1,131,000
<br />$
<br />239,772
<br />12/31/2029
<br />$ -
<br />$
<br />226,200
<br />$
<br />11,310
<br />$
<br />904,800
<br />$
<br />237,510
<br />12/31/2030
<br />$ -
<br />$
<br />226,200
<br />$
<br />9,048
<br />$
<br />678,600
<br />$
<br />235,248
<br />12/31/2031
<br />$ -
<br />$
<br />226,200
<br />$
<br />6,786
<br />$
<br />452,400
<br />$
<br />232,986
<br />12/31/2032
<br />$ -
<br />$
<br />226,200
<br />$
<br />4,524
<br />$
<br />226,200
<br />$
<br />230,724
<br />12/31/2033
<br />$ -
<br />$
<br />226,200
<br />$
<br />2,262
<br />$
<br />-
<br />$
<br />228,462
<br />Adopted by the Council of the City of Lino Lakes this 12th day of September, 2022.
<br />The motion for the adoption of the foregoing resolution was introduced by Councilmember
<br />Cavegn and was duly seconded by Councilmember Lydenand upon vote being taken thereon,
<br />the following voted in favor thereof. Lyden, Stoesz, Cavegn, Rafferty
<br />The following voted against same: None (Absent- Ruhland)
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