HomeMy WebLinkAbout2025-114 CCRMember Lawrence-Anderson introduced the following resolution and moved its adoption:
RESOLUTION NO.2025-114
RESOLUTION APPROVING AN INTERFUND LOAN FROM THE STORM
DRAINAGE UTILITY FUND TO THE WATER UTILITY FUND
WHEREAS, the City of Brooklyn Center operates a water utility fund and storm
drainage utility fund; and
WHEREAS, infrastructure improvements were needed for the water main
crossing at Dupont and Interstate Highway 94 which were the financial responsibility of the water
utility fund; and
WHEREAS, cost analysis determined the most efficient method for funding this
improvement project was an interfund loan; and
WHEREAS, sufficient cash reserves and projected positive cash flow activity
exists in the Storm Drainage Fund to support this interfund loan and related repayment schedule.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota approves an interfund loan between the Storm Drainage Utility Fund
and the Water Utility Fund subject to the following requirements:
1.The principal amount of the loan shall be $1,900,000
2.Interest will be charged at a rate of 3.5%
3. Annual payments will be made over a period of five years commencing in 2026
4.Modifications of the terms of the interfund loan may be made at the direction of the
City’s Finance Director in consultation with the City Manager and Public Works
Director
November 24, 2025
Date Mayor
ATTEST:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member:
Moore
RESOLUTION NO. 2025-114
and upon vote being taken thereon, the following voted in favor thereof:
Graves, Jerzak, Kragness, Lawrence-Anderson, and Moore
and the following voted against the same:
none
whereupon said resolution was declared duly passed and adopted.