HomeMy WebLinkAboutResolution 22-064Resolution 22-064
Resolution Authorizing an Inter -fund Advance from the
Capital Improvement Plan (CIP) Fund to the Special Assessment Fund
Whereas, the Special Assessment Fund is the funding source for annual sidewalk and
alley improvements; and
Whereas, the City acknowledges that obligations for special assessment projects are
due prior to receipt of special assessment revenue received from property owners; and
Whereas, the City desires to finance the up -front costs of special assessments through
an inter -fund advance from the CIP Fund to be paid back as special assessment
revenue is received; 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
upcoming special assessment projects from the CIP Fund with annual special
assessment revnues directed to the CIP Fund until the advance is paid in full, no later
than December 31, 2028.
Now, Therefore, Be It Resolved, that the City Manager is directed to execute an inter -
fund advance from the CIP Fund to the Special Assessment Fund, payable as follows:
Principal $ 121,000.00
Interest 0.0%
Term August 23, 2022 — December 31, 2028
Estimated Payment Schedule:
Year
Amount
Year
Amount
2023
$60,500
2026
$12,100
2024
$12,100
2027
$12,100
2025
$12,100
2028
$12,100
TOTAL
$121,000
Passed and approved on the 23,d day of August, 20
CITY
Foster, City Clerk
Niemeyer, Mayor