HomeMy WebLinkAboutResolution No. R18-30RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO UTILIZE
AVAILABLE REVENUE IN THE CITY'S WATER FUND TO PREPAY AND RETIRE DNRC
LOAN WRF-10-188.
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-10-188 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 $335,424.83 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:
1. 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 pay off the
DNRC Loan #WRF-10-188 in the amount of $335,424.83 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 June 19, 2018, by Council Member Wilke
PASSED and ADOPTED by the City Council of the City of Laurel, Montana, this 19`h day of June
2018.
CITY OF LAUREL
Thomas C. Nelson, Mayor
Clerk -Treasurer
Sam Paintt-flCivil-C"Attorney
R18-30 Payoff DNRC Loan #WRF-10-188
To:
From:
Date:
Re:
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STEVE BULLOCK, GOVERNOR
1539 ELEVENTH AVENUE
STATE OF MONTANA
DIRECTOR'S OFFICE: (406) 444-2074 PO BOX 201601
FAX: (406) 444-2684 HELENA, MONTANA 59620-1601
Bethany Langne, Clerk
City of Laurel
Anna M. Miller
Conservation and Resource
June 7, 2018
Laurel Loan WRF-10-188 Payoff
The payoff for this loan is as of 6/26/2018:
Interest $ 4,424.83
Principal $ 331,000-00
Total $ 335,424.83
Send your check to the Saint Paul address. If you mail the check
June 20th, this will be just fine. Please see attached.
Let me know if you have questions.
Cc: Greg Skutnik, USB, w/
Cid Sivils w/
Laurel WRF 10-188 w/
AMM &
DIRECTOR'S CONSERVATION & RESOURCE
OFFICE DEVELOPMENT DIVISION
(406) 444-2074 (406) 444-6667
BOARD OF OIL & GAS TRUST LAND MANAGEMENT
CONSERVATION DIVISION DIVISION
(406)444-6675 (406) 444.2074
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Corporate Trust Services June 7, 2018
PO Box 64111
St. Paul, MN 55164-0111
- DNRC Borrowers Participating in the SRF/WRF Loan Programs
Re: Invoice for Loan Payment Due July 01, 2018
If payment is made by wire or ACH, please fax or e-mail this memo per the instructions below at least one
the day prior to payment. Please reference the BORROWER NAME and LOAN NUMBER for proper
credit.
Fax to Maria Rosado (651) 466-7415 or e-mail to maria.rosadoeusnanK.com
BORROWER NAME I LOAN NUMBER I DOLLAR AMOUNT
Total Wire =
By Wire
U.S. Bank NA
ABA 091000022
Account #180121167365
Reference: Petrodata DNRC Loan
Borrower Name/Loan Number
Attn: Mafia Rosado
By ACH
U.S. Bank Montana
ABA 091000022
Account # 152011599486
Reference: Petrodata DNRC Loan
Borrower Name/Loan Number
IMPORTANT
If payment is made by check, please include either the tear -off stab (if part of the form) or a copy of
the Amortization Schedule. Please make sure that SpA Lockbox CM9695 is on the check.
By Cheek
U.S. Bank Trust -SpA Lockbox CM9695 (This is is the Payee that should be on the check)
Attn: Operations Center
PO Box 70870
1200 Energy Park Drive
St Paul, MN 55170
New Audit Confirmation Request Process Announced
See page -2- for information and register at: https:/Iwww.confirmation.com/
If needed, the breakdown between principal and interest due can be found on the Final Schedule B provided
at the time the loan was completed. If you should have any questions please contact
Greg.Skutnik@usbank.com (206) 344-4607, Deborah.Kuykendan@usbank.com (206) 344-4681 or
Julie.Kammueller@usbank.com' 651466-6113.