HomeMy WebLinkAbout15-172CITY OF LAKEVILLE
RESOLUTION NO. 15-172
INTERFUND LOAN FOR WATER IMPROVEMENT PROJECTS
WHEREAS, The Lakeville City Council previously approved projects #14-11 Water
Treatment Plant Expansion and #13-18 Holyoke Water Tower; and
WHEREAS, The City declared its official intent to issue bonds for these projects on May
18, 2015; and
WHEREAS, The City expected to incur certain expenditures that would be financed
temporarily from sources other than bonds, and later reimbursed from the proceeds of tax-
exempt bonds; and
WHEREAS, The City has authorized the issuance and sale of General Obligation Water
Utility Revenue Bonds, Series 2016A for the purpose of funding these projects.
NOW THEREFORE, BE IT RESOLVED, the City of Lakeville hereby authorizes
interfund loans from the Sanitary Sewer Trunk Fund and Storm Sewer Trunk Fund to the Water
Trunk Fund for the purpose of temporarily financing these projects until proceeds have been
received from the General Obligation Water Utility Revenue Bonds, Series 2016A.
BE IT FURTHER RESOLVED, interest charges will be applied to compensate the
lending funds for the use of their financial resources.
ADOPTED by the Lakeville City Council this 14th day of December, 2015
CITY OF LAKEVILLE
Matt Little, Mayor
ATTEST:
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Charlene Friedges, City C/1'