HomeMy WebLinkAboutResolution No. 057-14 r
RESOLUTION
WHEREAS, the Destination Medical Center Corporation ("DMCC") has made a funding
request for$8,205,000 for its 2014 budget; and,
WHEREAS, the Mayor and Common Council wish to pay this amount using temporary
interfund loans; and,
WHEREAS, the Common Council adopts this resolution so as to authorize the use of a
temporary interfund loan to pay this expense.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Rochester that the City approve the DMCC 2014 funding request in the amount of$8,205,000,
BE IT FURTHER RESOLVED by the Council that the City pay for the DMCC 2014
funding request using a temporary interfund loan described as follows:
1. The amount of the loan will be up to $8,200,000.
• 2. The funds involved (source of the funds for repayment) will be the City's
flood control funds.
3. The purpose of the loan is to pay the DMCC 2014 funding request.
4. The schedule for repayment is as funds become available or not less than
four years.
5. The interest rate is 3.5%.
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PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS ( DAY OF &6(''eca->'t, 2014.
PRESIDENT F SAID COMMON COUNCIL
ATTEST: ,� ". �. ,• _
CITY CLERK
APPROVED THIS c ' ! DAY OF ^e . 2014.
MAYOR OF glb CITY
(Seal of the City of
Rochester, Minnesota)
Res10tResclu!n.lerfundl-oin.1
Res,0Zstination Med.cal Center CorporationlDtACC-BUUGE'rS':20i4lmedundLoan
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