HomeMy WebLinkAboutResolution 001-2007 RESOLUTION NO. 01-07
RESOLUTION AUTHORIZING AN ADVANCE TO THE AIRPORT
FUND FOR THE PURCHASE OF SNOW REMOVAL EQUIPMENT
WHEREAS, Resolution 120-06 authorizes the purchase of airport snow removal
equipment in the amount of$163,083.00, and
WHEREAS, it is in the best interests of the City of Brookings to finance the purchase of
said airport snow removal equipment by a loan from the Landfill Fund to the Airport Fund,
NOW THEREFORE,BE IT RESOLVED,that the City Manager is directed to execute
an Interfund Loan from the Landfill Fund to the Airport Fund, providing an annual interest rate
of 5%,payable as follows:
YEAR PAYMENT PRINCIPAL INTEREST
2007 33,853.38 26,935.24 6,918.14
2008 36,930.96 30,823.59 6,107.37
2009 36,930.96 32,400.56 4,530.40
2010 36,930.96 34,058.25 2,872.71
2011 36,930.96 35,800.74 1,130.22
2012 3,077.39 3,064.62 12.77
Totals 184,654.61 163,083.00 21,571.61
Passed and approved on the 9th day of January, 2007.
CITY OF]3ROOKINGS
o t D. M stermann, Mayor
ATTEST:
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S'°., s= es, Brookings pity Clerk