HomeMy WebLinkAboutResolution 24-045 RESOLUTION NO. 24-45
RESOLUTION AUTHORIZING THE CITY OF LINO LAKES TO SUBMIT INFORMATION
TO THE MINNESOTA PUBLIC FACILITIES AUTHORITY (MPFA) AND TO ENTER INTO
A LOAN AGREEMENT WITH THE MPFA.
WHEREAS, the City of Lino Lakes, Minnesota is proposing to construct a water treatment plant,
and
WHEREAS, the City is eligible for a loan from the Minnesota Public Facilities Authority,
NOW,THEREFORE, BE IT RESOLVED by the City Council of Lino Lakes, Minnesota that the City is
hereby applying to the Minnesota Public Facilities Authority for a loan from the Drinking Water
Revolving Fund for improvements to its municipal drinking water system as described in the
loan application.
BE IT FURTHER RESOLVED, that the City estimates the amount of the loan to be $18,000,000 or
the as-bid cost of the project less any grant amounts.
BE IT FURTHER RESOLVED,that the City has the legal authority to apply for the loan, and the
financial, technical, and managerial capacity to repay the loan and ensure proper construction,
operation and maintenance of the project for its design life.
Adopted by the City Council of the City of Lino Lakes on this 22nd day of April, 2024.
ti rLc-c:-.`�--v
RoLCSa. rty, Mayor
ATTEST:
t)a4L14_
//eL
Hannah Lynch, City C rk
SEAL