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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 /> Principal Total Pmt/
<br /> Date Issuance Due Interest Due Balance Levy
<br /> 12/31/2023 $2,262,000 $ - $ - $2,262,000 $ -
<br /> 12/31/2024 $ $ 226,200 $ 22,620 $2,035,800 $ 248,820
<br /> 12/31/2025 $ - $ 226,200 $ 20,358 $1,809,600 $ 246,558
<br /> 12/31/2026 $ $ 226,200 $ 18,096 $1,583,400 $ 244,296
<br /> 12/31/2027 $ - $ 226,200 $ 15,834 $1,357,200 $ 242,034
<br /> 12/31/2028 $ - $ 226,200 $ 13,572 $1,131,000 $ 239,772
<br /> 12/31/2029 $ - $ 226,200 $ 11,310 $ 904,800 $ 237,510
<br /> 12/31/2030 $ - $ 226,200 $ 9,048 $ 678,600 $ 235,248
<br /> 12/31/2031 $ $ 226,200 $ 6,786 $ 452,400 $ 232,986
<br /> 12/31/2032 $ - $ 226,200 $ 4,524 $ 226,200 $ 230,724
<br /> 12/31/2033 $ - $ 226,200 ; $ 2,262 $ $ 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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