HomeMy WebLinkAboutResolution No. R21-32-aRSOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO UTILIZE
AVAILABLE REVENUE IN THE CITY'S WATER FUND TO PREPAY AND RETIRE DNRC
LOAN WRF'
WHEREAS, in 2009 the City previously obtained a loan from the Montana Department of
Natural Resources and Conservation ("DNRC") Revolving Fund Program in order to finance and
pay for a water system improvement project; and
WHEREAS, the City successfully constructed and completed the water system improvement
project and has been making payments on Loan WRF-09138 including principle and interest; and
WHEREAS, the City Clerk and Mayor determined there are sufficient funds available in the
City's Water Fund to prepay the loan in its entirety which will save the City interest and improve
the City's capacity to obtain financing for other water projects; and
WHEREAS, DNRC provided a payoff amount of $234,782.39 which will completely retire the
debt; and
WHEREAS, the City Clerk and Mayor are recommending the City Council's authorization and
approval of the proposed loan payoff since it appears to be in the City's best interest at this time.
NOW, THEREFORE, BE IT RESOLVED the City Council hereby resolves, authorizes, and
approves the following:
Pursuant to the City Mayor and City Clerk's recommendation, the City Council hereby
authorizes and approves the use of the available funds in the City's Water Fund to payoff the
DNRC Loan #WRF-09138 in the amount of $234,782.39 as provided in the attached payoff
statement; and
2. The Mayor and City Clerk are authorized to execute any documents required to effectuate the
payoff authorized herein.
Introduced at a meeting of the City Council on May 25, 2021, by Council Member Sparks.
PASSED and ADOPTED by the City Council of the City of Laurel, Montana, this 25th day of May
2021.
CITY OF LAUREL
__T- C. N
homas Nelson, Mayor
Bethany La e, Cer -Treasurer
APPROV A FORM
Sam Pain ivi Attorney
R21-32 Payoff DNRC Loan #WRF-09138
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