HomeMy WebLinkAboutRes. 20-014Resolution 20-014
Resolution Authorizing a lnterfund Loan from the Landfill Fund to the Fire
Department to be used for the purchase of a 2020 Fire Engine
Whereas, the Brookings Fire Department is purchasing a 2020 Fire Engine and
desires to finance a portion of the purchase price using an lnterfund Loan from
the Brookings Landfill 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 the
purchase of said fire equipment internally through a lnterfund Loan from the
Landfill Fund to the Fire Department Fund.
Now, Therefore, Be It Resolved, that the City Manager is directed to execute an
lnterfund Loan from the Landfill Fund to the Fire Department Fund, providing an
annual interest rate of 1.55%, payable as follows:
Principal
Interest
Term
$540,243
1.55%
6 year term, 1 payment per year
Passed and approved on the 28th day of January, 2020.
CITY OF BROOKINGS
Keith W. Corbett, Mayor
ATTEST:
lnterfund Loan Schedule
Payment T
# Year Payment Principal Interest Balance
1 2020 $94,987 .80 $86,614.03 $8,373.77 ($453,628.97)
2 2021 $94,987 .80 $87,956.55 $7 ,031 .25 ($365 ,672.42)
3 2022 $94,987.80 $89,319.88 $5,667.92 ($276,352 .54)
4 2023 $94,987 .80 $90 ,704.33 $4,283.46 ($185,648.21)
5 2024 $94,987.80 $92,110 .25 $2,877.55 ($93,537.96)
6 2025 $94,987.80 $93,537.96 $1,449.84 $0 .00