Title
Action on Resolution 20-014, a Resolution authorizing a Interfund Loan from the Landfill Fund to the Fire Department to be used for the purchase of a 2020 Fire Engine.
Body
Summary:
The City recommends to finance the 2020 Fire Engine purchase internally with an Interfund Loan from the Landfill.
Background:
The loan terms are in line with current market investment instruments returns allowed for municipalities:
• Annual Interest Rate: 1.55%
• Years: 6
• Amount: $540,243
Fiscal Impact:
The cash outflow resulting from the proposed financing is within the estimated budgeted amount in the City’s 2020 CIP Budget.
Recommendation
Recommendation:
Staff recommends approval.
Body2
Attachments:
Memo
Resolution