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term and maturity are extended by subsequent ordinance. Annual payments, of interest <br />only or interest and principal, will commence on or before December 31, 2026 and will <br />continue through December 31, 2028. Advance repayment may be made at any time <br />without penalty. <br />Section 3. The initial interest rate applied to the Loan proceeds shall be 4.8% <br />based on the average rate of return for City investments for 2024. The interest rate shall <br />be adjusted annually to a rate equal to the average rate of return on the City's <br />investments for the preceding twelve months. The City Manager and City staff are <br />authorized to do all things necessary to effectuate Loan, including calculating the <br />interest on an annual basis. <br />Section 4. The Loan is subject to any necessary budgetary amendments, <br />transfers, or supplementary budgets and appropriations in accordance with State law. The <br />City Council declares its intention to make annual appropriations in the Wastewater Utility <br />Fund budget from available Wastewater Utility Fund revenues to meet the financial <br />obligations of the Wastewater Utility Fund, including repayment of the Loan to the Water <br />Utility Fund. <br />Section 5. The Loan shall be subordinate to any outstanding debt of the <br />Wastewater Utility Fund. <br />Section 6. If any portion of this ordinance is held to be invalid for any reason, <br />such decision shall not affect the validity of the remaining portions of this ordinance. The <br />City Council hereby declares that it would have passed this ordinance and each part <br />hereof irrespective of the fact that any one part be declared invalid. <br />INTRODUCED, READ, PASSED ON FIRST READING AND ORDERED <br />PUBLISHED this 1st day of April 2025. <br />ATTEST: <br />Genny Kline, Interim City Clerk <br />APPROVED AS TO FORM: <br />Z4�� ;Q. 4 - <br />ChristophEV M. Leh, Mayor <br />Ordinance No. 1894, Series 2025 <br />Page 2 of 3 <br />