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RESOLUTION 9363 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />AUTHORIZING PAYOFF AND A BUDGET ADJUSTMENT TO FACILITATE <br />RETIREMENT OF THE ENERGY SAVINGS PROGRAM CAPITAL LEASE <br />WHEREAS, the City Council authorized various energy saving improvements to <br />City Hall, the Community Center, and the trail -way lighting system financed with a capital <br />lease; and, <br />WHEREAS, the lease has an interest rate of 3% and remaining interest of $48,270; <br />and <br />WHEREAS, current investment rates are extremely low, early payoff would provide <br />approximately $31,000 in savings over potential investment earnings; and <br />WHEREAS, budget adjustments are necessary to facilitate payoff of the lease in <br />the General, the Community Center, and Street Light funds. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds <br />View does hereby authorize payoff of the Energy Savings Program Capital Lease, not to <br />exceed $510,525.85. The City Council also authorizes budget adjustment increases of <br />$137,837 to account 100-4750-8011, $4,137 to account 100-4750-8021, $298,907 to <br />account 252-4350-8011, $8,970 to account 252-4350-8021, $51,884 to account 740- <br />4416-8010, and $1,553 to account 740-4416-8021. <br />Adopted this 14t" day of December, 2020 <br />Carol A. Mueller, Mayor <br />ATTEST: <br />Nyle Zikmund, Interim City Administrator <br />(SEAL) <br />