HomeMy WebLinkAboutCity Council Resolution 2023-326
Accrued
DrawPaymentInterest Balance
2024 2,500,000 2,500,000
2025 8,000,000 75,000 10,575,000
2026 500,000 317,250 11,392,250
2027 (3,500,000) 341,768 8,234,018
2028 (1,500,000) 247,021 6,981,038
2029 (2,500,000) 209,431 4,690,469
2030 - 140,714 4,831,183
2031 (2,500,000) 144,936 2,476,119
2032 (1,500,000) 74,284 1,050,402
2033 (1,081,914) 31,512 0
$ 11,000,000 $ (12,581,914) $ 1,581,914
C ITY OF P LYMOUTH
R ESOLUTION N O. 2023-326
R ESOLUTION A PPROVING INTER-FUND LOAN
WHEREAS, the 2024 utility rate study projected cash balances for the Street
Reconstruction fund which has primary funding from the levy, special assessments, franchise
fees and municipal state aid; and
WHEREAS, the city has substantial street reconstruction projects in 2024 and 2025
such as the Plymouth Boulevard and Chankahda Trail with the need to pull funding forward;
and
WHEREAS, the Utility Trunk Expansion fund has adequate cash on hand to loan the
Street Reconstruction fund with an estimated payment schedule (draws and repayment will
depend on actual cash flow), assuming a 3% interest rate, as follows:
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA that the proposed inter-fund loan from the Utility Trunk Expansion
fund to the Street Reconstruction fund in the amount of up to $13 million is hereby
approved.
APPROVED by the City Council on this 12th day of December, 2023.
Resolution 2023-326
Page 2
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth, Minnesota,
certifies that I compared the foregoing resolution adopted at a meeting of the Plymouth City Council on
December 12, 2023 with the original thereof on file in my office, and the same is a correct transcription
thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this ___________day of
__________________, __________.
____________________________________
Jodi M. Gallup, City Clerk