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CITY OF PEQUOT LAKES <br /> RESOLUTION 18- <br /> RESOLUTION AUTHORIZING AND DOCUMENTING AN INTERFUND <br /> LOAN FOR MAINTENANCE FACILITY PROJECT <br /> WHEREAS, on February 5, 2018, the Pequot Lakes City Council awarded <br /> construction contracts for a maintenance department garage and salt storage shed in <br /> the amount of$971,912; and <br /> WHEREAS, the City will utilize Highway 371 Expansion Project turnback monies, <br /> received from Crow Wing County in the spring of 2018, to finance the Maintenance <br /> Facility Project as an interFund loan; and <br /> WHEREAS, the interFund loan between the Highway 371 Fund and the Capital <br /> Improvement Fund equates to $971,912 with an annual rate of 2.25% for a term of 12 <br /> years. <br /> NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Pequot <br /> Lakes, Minnesota, authorizes an interfund loan, between the Highway 371 Fund and <br /> the Capital Improvement Fund, up to $972,000 with an annual rate of 2.25%for a term <br /> of 12 years for the construction of the Pequot Lakes Maintenance Department garage <br /> and salt storage shed. <br /> Adopted by the Pequot Lakes City Council this 5t'' day of February, 2018. <br /> Nancy A. Adams <br /> ATTEST: Mayor <br /> Nancy Malecha <br /> City Administrator <br />