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Council approves short-term interfund loan to fund CHIPS road projects
Summary
City authorized short-term interfund loans under Resolution 2627-13 to provide upfront funding for CHIPS road projects as an alternative to bond anticipation notes; staff said reimbursements typically arrive quickly so the loan is not outstanding for long.
The Amsterdam Common Council approved Resolution 2627-13 authorizing short-term interfund loans to provide upfront funds for CHIPS-funded road projects. City staff said the loans are an alternative to issuing bond anticipation notes for smaller projects when cash flow permits.
A staff member explained the purpose: "The purpose is to just provide the upfront money." The controller added that these interfund loans are among the higher-volume loans the city uses but that reimbursements typically come back quickly so the full amount is not outstanding for long.
Council moved and approved the resolution by recorded vote. The clerk called the roll and several alderpersons recorded 'aye' votes for the measure.
