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CITY OF LOUISVILLE <br />RESOLUTION NO. 41 <br />SERIES 2002 <br /> <br />A RESOLUTION CREATING AN INTERFUND LOAN AGREEMENT FOR THE <br />PAYMENT OF REFUNDING BOND ISSUANCE AND CLOSING COSTS <br /> <br />WHEREAS, a need exists for additional funding of $125,000 to pay for bond issuance and <br />closing costs through the Golf Course Fund related to the City of Louisville General Obligation <br />Refunding Bonds, Series 2002; and <br /> <br />WHEREAS, the Fleet Management Fund has sufficient unappropriated funds to loan for this <br />purpose; and <br /> <br />WHEREAS, an interfund loan will be created between the Fleet Management and the Golf <br />Course Funds. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />LOUISVILLE, COLORADO: <br /> <br />Section 1. The amount of $125,000 is hereby loaned from the Fleet Management Fund to the <br />Golf Course Fund, with such amount to be repaid by the Golf Course Fund over a four-year <br />period, from 2003 through 2006, and shall include the payment of interest in the amount of 3% <br />of each year's remaining principal balance. Payments shall be made on November 1 of each <br />year, subject to any necessary budgetary and appropriation actions in accordance with State law, <br />as follows: <br /> <br />Year Principal Interest Total <br /> <br />2003 $31,250 $3,750 $35,000 <br />2004 31,250 2,813 34,063 <br />2005 31,250 1,875 33,125 <br />2006 31,250 938 32,188 <br /> <br />Total $125,000 $9,376 $134,376 <br /> <br />Nothing herein is intended to prevent a more rapid repayment of such funds should the Council <br />so determine through its budget and appropriation process in accordance with State law. <br /> <br />Section 2. Nothing in this Resolution is intended to nor shall be construed to create any <br />multiple-fiscal year direct or indirect debt or other financial obligation whatsoever. <br /> <br />PASSED AND ADOPTED this 19th day of November, 2002. <br /> <br />Tom Davidson, Mayor <br /> <br /> <br />