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CITY OF SAINT ANTHONY VILLAGE <br />RESOLUTION 26-050 <br />A RESOLUTION APPROVING AN INTERFUND LOAN BETWEEN THE LIQUOR <br />FUND AND THE CANNABIS FUND <br />WHEREAS, the governing body of Saint Anthony Village has established separate funds for <br />the operation of the municipal liquor enterprise and the municipal cannabis <br />enterprise; and <br />WHEREAS, the Cannabis Fund requires temporary financing to meet operational and/or <br />capital expenditures pending the receipt of anticipated revenues; and <br />WHEREAS, the Liquor Fund has sufficient available cash to provide the necessary financing <br />without impairing its operations or financial stability; and <br />WHEREAS, the governing body finds that an interfund transaction is in the best financial <br />interests of the municipality and is authorized by applicable law and municipal <br />financial policies. <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Saint <br />Anthony Village, Minnesota, approves <br />1. The transfer of $525,000 from the Liquor Fund to the Cannabis Fund is hereby approved <br />as an interfund loan. <br />2. The Cannabis Fund shall repay the Liquor Fund the principal amount of the loan, <br />together with any required interest, no later than 12/31/2036, or earlier as funds become <br />available. <br />3. Interest shall be charged at a rate of 4.5% per annum. <br />4. The Finance Director is authorized and directed to record the transaction in accordance <br />with generally accepted governmental accounting principles and all applicable state laws. <br />5. The Finance Director shall monitor the outstanding balance and ensure repayment in <br />accordance with the terms of this resolution. <br />6. This resolution shall become effective immediately upon its adoption. <br />Approved this 14th day of July, 2026. <br />Wendy N4ebster, Mayor <br />