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CITY OF LINO LAKES
<br /> RESOLUTION NO. 23-133
<br /> AMENDING THE INTERFUND LOAN FOR FIRE APPARATUS
<br /> WHEREAS, the City contracted with Custom Fire to purchase two pumper tanker fire
<br /> trucks in the amount of$2,262,000, and
<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, and
<br /> WHEREAS, the City originally approved the interfund loan in the amount of $2,262,000
<br /> with Resolution No. 22-103, although is decreasing the amount of the loan to reflect a use of
<br /> Public Safety Aid.
<br /> WHEREAS, the City will loan $2,032,706 from the Sewer Fund (602) to the Capital
<br /> Equipment Replacement Fund (402) for a ten-year loan term with an interest rate of 1.00%. The
<br /> annual payment will be added to the property tax levy for payable years 2024-2033. The interest
<br /> rate is 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 Lino Lakes, Minnesota approval
<br /> of the interfund loan in the amount of$2,032,706 from the Sewer Fund to the Capital Equipment
<br /> Replacement Fund:
<br /> Principal Total Pmt/
<br /> Date Issuance Due Interest Due Balance Levy
<br /> 12/31/2023 $2,032,706 $ - $ - $2,032,706 $ -
<br /> 12/31/2024 $ - $ 203,271 $ 20,327 $1,829,435 $ 223,598
<br /> 12/31/2025 $ - $ 203,271 $ 18,294 $1,626,164 $ 221,565
<br /> 12/31/2026 $ - $ 203,271 $ 16,262 $1,422,893 $ 219,533
<br /> 12/31/2027 $ - $ 203,271 $ 14,229 $ 1,219,622 $ 217,500
<br /> 12/31/2028 $ - $ 203,271 $ 12,196 $1,016,351 $ 215,467
<br /> 12/31/2029 $ - $ 203,271 $ 10,164 $ 813,080 $ 213,435
<br /> 12/31/2030 $ - $ 203,270 $ 8,131 $ 609,810 $ 211,401
<br /> 12/31/2031 $ - $ 203,270 $ 6,098 $ 406,540 $ 209,368
<br /> 12/31/2032 $ - $ 203,270 $ 4,065 $ 203,270 $ 207,335
<br /> 12/31/2033 $ - $ 203,270 $ 2,033 $ - $ 205,303
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