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