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Posted on: December 18, 2020

Resolution 20-108

Resolution 20-108

 

Resolution Authorizing a Short-Term Loan from the General Fund to the Bob Shelden Capital Project Fund

 

 

Whereas, the Sales Tax Revenue Bond, Series 2019, is the funding source for the Bob Shelden Capital Project, and 

 

Whereas, the City has determined it can reduce its interest expense for the Bob Shelden Capital Project expenditures by utilizing unrestricted funds in the General Fund until April 23, 2021, when the variable interest rate of the 2019 Sales Tax Revenue Bond will be converted to a fixed rate; and

 

Whereas, the City desires to finance the Bob Shelden Capital Project expenditures until the April 23, 2021 Commitment Expiration Date of the above-referenced Revenue Bond to reduce interest expense using a short-term interfund loan from the General Fund to the Bob Shelden Capital Projects’ Fund, and

 

Whereas, in accordance with SDCL 9-22-24,  the City is authorized, upon approval of the City Council, to loan unrestricted cash from one fund to another fund of the City, and

 

Whereas, it is in the best interests of the City of Brookings to finance expenditures for the Bob Shelden Capital Project through a short-term loan from the General Fund, with the short-term loan repaid to the General Fund on April 23, 2021,

 

Now, Therefore, Be It Resolved, that the City Manager is directed to execute a short-term Interfund Loan from the General Fund to the Bob Shelden Capital Project Fund, payable as follows: 

  

            Principal        $ 3,033,110.26

            Interest           0.0%

            Term               Dec. 15, 2020 - April 23, 2021 (129 days)

 

Passed and approved on the 15th day of December, 2020.

 

                                                                        CITY OF BROOKINGS                               

 

                                                                        ______________________________

                                                                        Keith W. Corbett, Mayor

ATTEST:

 

__________________________

Bonnie Foster, City Clerk

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