HomeMy WebLinkAboutResolution 70-1997 1 ' , '
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RESOLUTION NO. 70-97
WHEREAS, the City of Brookings General Fund has borrowed funds for industrial development
from various BMU departments over past years and
WHEREAS, the current level of debt is $467,743.00 and
WHEREAS it is the intent of the Brookings City Commission to approve the following terms to
repay the debt.
NOW, THEREFORE, BE IT RESOLVED that the current debt of$467,743.00 be repaid by:
(1) Annual payment to General Fund from the EDC
in the amount of$12,000.00 to be paid to BMU $180,821.00
(2) Credit the General Fund for a wastewater line
placed in Wiese Addition and paid for by General Fund $(95,000.00)
(3) General Fund to pay $38,384.40 to BMU
over the next five years(1998-2002). $191,922.00
Total Due $ -0-
Passed and approved this 22nd day of July, 1997.
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Balances Due From Industrial Development Fund
1995 1996
Interest Rate Uriginal Loan Telephone Fund $alance Du� Balanct Due
0% $275,000 Purchase Economic Developmeat Cerrter $I80,82I $180,821
0% $27,536 Maytand Property Water Mains $27,536 $27,536
0% $28,316 Mayl�nd Property Wastewater Mains $28,316 $28,316
0% $17,373 Prince brive Water Mains $17,373 $17,3 73
0% $41,501 Prince Arive Wastewater Mains $41,SOI $41,501
$389,726 Total Telephone Fund $295,547 $295,547
1945 1996
Interest Rate Original Loa� Wastewater�'und Balance D�e Bulancc Due
Cilkerson Praperty WastewateX Mains Sz
4% $136,000 Lift Station �110,419 $11 Q,a 19
.
1995 1996
Lnterest Rate Original Loan Water Fund Balance Due Balance Due
0% $76,167 Cilkerson�roperty Water Mains $61,778 $61,778
0% 5601,893 Total Alt Funds $�t67,743 �467,7�}3
Page 8
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RESOLLJTION NO. 23 - 97
RESOLUTION AUTHORIZING INDUSTRIAL
DEVELOPMENT LOAN PAYIV�NT TERMS
WI�REAS the City of Brookings General Fund has borrowed
funds for industrial development from various Brookings Municipal Utilities
departments over past years; and
WHEREAS the current level of debt is $467,743.00; and
WHEREAS the City Commission has passed Resolution No.
70-97 on July 22, 1997, establishing its intent to repay $372,743.00; and
WHEREAS said Resolution No. 70-97 requested that
$95,000.00 of current debt be forgiven by the Utility Board as it relates to a
wastewater line installed on 34�` Avenue and paid for by the General Fund.
NOW, THEREFORE, BE IT RESOLVED by the Brookings
Municipal Utilities Board that the Industrial Development loan payment terms
be established as follows:
ANNUAL
PAYMENT
Economic Development Center loan $12,000.00 180,821.00
a ments over 15.1 ears
All other water and wastewater loan $38,384.40 191,922.00
a ents over 5 ears 1998-2002
TOTAL DUE $372,743.00
BE IT FURTI�R RESOLVED that $95,000.00 of the Industrial
Development Loans be forgiven.
Adopted this 8th day of September, 1997.
ATTEST:
Shannon Garry, Secretary Charles Lamberton, President