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Council approves $1 million interfund loan to storm drainage fund with 3.21% interest
Summary
The council approved Resolution 2026-65 authorizing a $1,000,000 loan from the Vehicle Replacement Fund to the Storm Drainage Fund for capital improvements; city staff said the loan carries 3.21% annual interest over 14 years and repayment will begin Dec. 1, 2026.
City staff summarized a proposed interfund loan to let the Storm Drainage Fund begin capital improvements immediately. Leslie told the council the loan amount is $1,000,000 with an annual interest rate of 3.21%, repayable over 14 years with one payment per year and a repayment start date of Dec. 1, 2026.
The council asked no follow-up questions on the record and moved to approve the resolution. The motion was moved by Council Member Swett and seconded by Councilmember Sharif; the item passed by vocal vote.
The loan authorizes the Storm Drainage Fund to begin identified capital work without waiting for external financing; staff will manage repayment and annual budgeting to meet the loan schedule.
