Council seeks more data before approving interfund loan for water line repairs
Council continued follow-up on an interfund loan to fund water line repairs; city staff said sewer fund cash is invested in LGIP and the city accountant recommended loan repayments include interest so the sewer fund is made whole; council asked staff to report the current LGIP rate and estimated interest loss.
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City Manager Eric Underwood reminded the council that at the October work session they had concluded an interfund loan would likely be the best path to finance needed water line repairs in certain neighborhoods and reported the council did not want to pay interest to the sewer fund at that time. Underwood stated that the sewer fund's balance is invested in LGIP and is roughly 30% of the city's LGIP holdings.
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