19-031 - Ordinance X-61 - Water Fund Interfund Loan
The attached ordinance authorizes the interfund loan of not to exceed $900,000 to fund the water fund Well #3 redrill and improvement project. The loan will be repaid over 10 years beginning 2020 and will pay an interest rate of the state investment pool (2.5%) plus 1% for a total interest rate of $3.52%. The loan will be made from Light Fund and Sewer Fund reserves. The amortization schedule is attached.