01-053•
CITY OF SHOREWOOD
RESOLUTION NO.01- 053
A RESOLUTION AUTHORIZING A TRANSFER OF FUNDS
FROM THE SEWER FUND TO THE EXCELSIOR FIRE DISTRICT,
SETTING THE SPECIFICATIONS,
AND PROVIDING FOR THE REPAYMENT THEREOF
WHEREAS, the City Council is interested in assisting the Excelsior Fire District with
development of new fire facilities, and an offer to purchase land for this purpose has been made
and accepted; and,
WHEREAS, the purchase will be partially financed by a transfer of funds from the
Sewer Fund to the Excelsior Fire District; and
WHEREAS, the City wishes to provide for repayment and reimbursement of this inter-
agency loan/transfer of funds from the Sewer Fund at a fair market rate of return; and,
WHEREAS, the Council has considered such provisions and specifications for the loan
• and repayment and found them to be fair and reasonable;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Shorewood as follows:
1. The Shorewood City Council hereby authorizes a transfer of $250,000 from the
Sewer Fund to the Excelsior Fire District.
2. The Finance Director is hereby authorized to prepare payment to the Excelsior Fire
District contingent upon review and approval of any documentation by the City
Attorney.
3. The inter -agency revenue commitment will be repaid to the City of Shorewood upon
issuance of permanent financing by the Excelsior Area Fire District. Repayment is
anticipated to occur in 2001 and will include payment of a finance fee of $12,500 (or
pro-rata portion thereof equivalent to 5% per year) to the City of Shorewood.
4. The repayment proceeds (principal and finance fees) will be transferred to the Sewer
Fund as full repayment when said proceeds are received.
is 5. The Excelsior Fire District may elect to prepay the debt in whole or in part at any
time. Redemption will be at its option and in such manner as it determines.
•
ADOPTED by the City Council of the City of Shorewood, Minnesota, this 27th day of
August 2001.
WOODY LOVE, MAYOR
ATTEST:
CRAIG". DAWSON, CITY ADMINISTRATOR
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