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