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<br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION #09-0M <br /> <br />A RESOLUTION AUTHORIZING RESTRUCTURING OF INTEREST RATE & <br />PAYMENT SCHEDULE ASSOCIATED WITH THE PURCHASE OF 2085 W. CEDAR <br />STREET <br /> <br />WHEREAS, the City Council adopted Res. #07-027 on July 11, 2009 authorizing a temporary <br />loan from the General Fund Capital Improvement Reserve, Sewer Utility Fund and Water Utility <br />Fund, and <br /> <br />WHEREAS, conditions have changed which indicate that certain terms of the loan should be <br />modified, and <br /> <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF CENTERVILLE, <br />MINNESOTA: <br /> <br />1) The loan balance after accrued interest through December 31,2008 is $435,660. <br />2) Such loan shall be repaid on or before September 1,2013, with an interested of 1.5% <br />accruing from January 1,2009. <br /> <br />Adopted by the City Council this 'J-ik day of. ~*",j/A , 2009. <br /> <br />7!Jc~~ <br /> <br />v <br /> <br />~;~A"') ~...t. <br /> <br />Teresa Bender, City Clerk <br />