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CITY OF ST. ANTHONY <br />STATE OF MINNESOTA <br />RESOLUTION 21-056 <br /> <br />RESOLUTION AUTHORIZING AN INTERFUND LOAN FOR ADVANCE OF <br />CERTAIN COSTS IN CONNECTION WITH RESUFACING AND PAINTING OF THE <br />CITY HALL TENNIS COURTS. <br /> <br />BE IT RESOLVED by the City Council (the “Council”) of the City of St. Anthony, Minnesota (the <br />“City”), as follows: <br /> <br />Section 1. Background. <br /> <br />1.01. The surface condition of the six tennis courts located south of city hall has been steadily <br />deteriorating over the last ten years. The courts were built in 1998 and have been repaired on four <br />different occasions since 2012. <br />1.02. The 2021 Capital Improvement Plan had scheduled the resurfacing and painting of the City Hall <br />tennis courts as a 2022 project. Given the current conditions of the court and a favorable priced <br />construction environment the City Council approved moving up the project date to 2021 at its <br />2/9/2021 Council work session <br />1.03. Also, at the 6/8/2021 work session the Council discussed the use of an interfund loan to finance the <br />estimates project costs of $180,000. <br /> <br /> <br />Section 2. Terms of Interfund Loan. <br /> <br /> 2.01. The City hereby authorizes the advance of $180,000 from Public Utilities Infrastructure (PUI) fund <br />to the Parks Improvement Fund. The (PUI) shall reimburse for such advances in accordance with the repayment <br />schedule attached as Exhibit A, with interest at the rate of 2.5%. Which does not exceed the greater of the rates <br />specified under Minnesota Statutes, Section 270C.40 or Section 549.09 as of the date the loan is authorized. <br /> <br /> 2.02. Payments on the outstanding Interfund Loan balance shall be paid annually on each December 31, <br />commencing on 12/31/2025. <br /> <br /> 2.03. The principal sum and all accrued interest payable under this Interfund Loan are pre-payable in <br />whole or in part at any time by the City without premium or penalty. No partial prepayment shall affect the <br />amount or timing of any other regular payment otherwise required to be made under this Interfund Loan. <br /> <br /> 2.05. This Interfund Loan is evidence of an internal borrowing by the City in accordance with Minnesota <br />Statutes, Section 469.178, Subd. 7. This Interfund Loan and the interest hereon shall not be deemed to constitute <br />a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, <br />the City. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />17