HomeMy WebLinkAboutResolution 056-2009 RESOLUTION NO. 56-09
Dissolving Resolution 24-09 which authorized an Interfund Loan to the Airport and Authorizing
An Interfund Loan To Edgebrook Golf Course For The Purchase Of Maintenance Equipment
WHEREAS, Resolution 20-09 authorized the purchase of airport snow plow in the amount of
$172,907.85, and
WHEREAS, Resolution 24-09 authorized an interfund loan from Liquor Fund to the Airport for
a snowplow in the amount of$172,907.85 plus interest, and
WHEREAS,the FAA funded the Airport snow plow equipment purchase, and
WHEREAS, Edgebrook Golf Course has a critical need for two fairway mowers and five greens
and tee mowers, and
WHEREAS, it is in the best interests of the City of Brookings to finance the purchase of said
maintenance equipment by a loan from the Liquor Fund to the Edgebrook Golf Course Fund,
NOW THEREFORE, BE IT RESOLVED,that the City Manager is directed to cancel the
interfund loan per resolution 24-09 and execute an Interfund Loan from the Liquor Fund to the
Edgebrook Golf Course,providing an annual interest rate of 3%,payable as follows:
YEAR PAYMENT PRINCIPAL INTEREST
2010 $38,212.05 $32,962.05 $5,250.00
2011 $38,212.05 $33,950.91 $4,261.14
2012 $38,212.05 $34,969.44 $3,242.61
2013 $38,212.05 $36,018.52 $2,193.53
2014 $38,212.05 $37,099.08 $1,112.97
Totals $191,060.25 $175,000.00 $16,060.25
Passed and approved on the 23`d day of June, 2009.
CITY OF BROOKINGS
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Tim Reed, Mayor
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ornes, Brookings City Clerk