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Council approves $450,000 interfund loan to finish Southside Boardwalk project
Summary
The council authorized an interfund loan (Resolution 2526-116) to cover a shortfall on the Southside Boardwalk project so final bills can be paid while awaiting grant reimbursements; staff said the city was awarded $4.1 million but borrowed $3.9 million and the loan covers the gap.
The Amsterdam Common Council approved Resolution 2526-116 authorizing an internal interfund loan of $450,000 to complete the Southside Boardwalk project and cover final invoices while the city seeks grant reimbursements.
Finance-related staff (speaker 7) explained the background: "We were awarded $4,100,000 in grants, but we only borrowed $3.9 [million], so this is just to cover us," the staff member said. The loan is intended as a short-term internal cash-management step; staff expect to recover the amount when grant reimbursements arrive. The council moved, discussed briefly and adopted the consent resolution by roll call.
The motion specified the interfund loan amount in the resolution text. No long-term borrowing or bond issuance was proposed; staff indicated reimbursements are expected and the interfund loan will be repaid.
