HomeMy WebLinkAbout20-139CITY OF LAKEVILLE
RESOLUTION NO. 20-139
RESOLUTION APPROVING AN INTERFUND LOAN
WHEREAS, The City Council approved a contract with Apex Facility Solutions (APEX) on April
6, 2020 for energy savings improvements to Lakeville Arenas' facilities; and
WHEREAS, The City Council approved a Joint Powers Agreement with Independent School
District #194 which provides that the debt and debt -related costs are paid 50/50 by the City and
ISD#194 on August 17, 2020; and
WHEREAS, The City Council provided the authorization of the "notice to proceed" on August
17, 2020 for construction to commence on the APEX energy savings improvements; and
WHEREAS, To fund this project, the City Council authorized the issuance and sale of general
obligation bonds, series 2021A, which will take place in January 2021 and is anticipated to close
in February 2021; and
WHEREAS, the City will incur and pay construction costs of approximately $900,000 prior to
the end of the fiscal year and prior to bond proceeds being received.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lakeville,
Minnesota, as follows:
1) The recitals set forth above are incorporated herein;
2) A loan from the City's Water Trunk Fund (F5500) is authorized in an amount sufficient
to cover all project costs incurred for the APEX energy savings improvement project until
bond proceeds are received in 2021;
3) The Water Trunk Fund (the lending fund) will be compensated for the use of its financial
resources at the market rate realized on the City's general investment pool during the
loan period which will end when bond proceeds are received.
ADOPTED by the Lakeville City Council this 161'' day of November 2020.
Douglas P. Anderson, Mayor
Charlene Friedges, City ClqJk