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CITY OF PEQUOT LAKES <br /> RESOLUTION 20- <br /> RESOLUTION AUTHORIZING AND DOCUMENTING AN INTERFUND <br /> LOAN FOR MAINTENANCE FACILITY LANDSCAPING PLAN <br /> WHEREAS, on February 5, 2018, the Pequot Lakes City Council adopted Resolution <br /> 18-07 authorizing and documenting an interfund loan for the Maintenance Facility <br /> Project; and <br /> WHEREAS, the Maintenance Facility Landscaping Plan component was not included <br /> in the construction contract for the maintenance department garage and salt storage <br /> shed; 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 Landscaping Plan as an interfund loan; and <br /> WHEREAS, the interfund loan between the Highway 371 Fund and the Capital <br /> Improvement Fund equates to $34,208 with an annual rate of 2.25% for a term of 9 <br /> years beginning in 2021. <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 $34,208 with an annual rate of 2.25% for a term <br /> of 9 years beginning in 2021 to finance the Maintenance Facility Landscaping Plan. <br /> Adopted by the Pequot Lakes City Council this 7t'' day of April, 2020. <br /> James Tayloe <br /> ATTEST: Mayor <br /> Nancy Malecha <br /> City Administrator <br />