HomeMy WebLinkAboutCC Reso 2022-39 - Approving Internal Loan for Ice Rink RESOLUTION 2022-39
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH APPROVING AN INTERNAL
LOAN FOR THE PURCHASE OF ONE (1) ICE RINK
WHEREAS:
1. The City Council, on October 6, 2021, approved the purchase of one (1) Ice Rink ("the
Equipment) from Everything Ice, Inc., in the amount of $198,259.16 for the City of Ukiah's
Seasonal Ice Rink program, which was determined a more economical approach than renting
the equipment on a yearly basis.
2. The final payment made to Everything Ice, Inc. for the Equipment was $195,805, which City
staff recommends be funded by the General Fund 100 by an internal loan.
3. The City Council has determined that this arrangement is in the best interest of the City; and
4. Under the internal loan,the Ice Rink Fund 314 will be obligated to make payments, as revenue
and expenditures allow in each fiscal year, in an amount to be determined each year by the
Finance Director or his/her designee, to the General Fund 100, which will total the amount
due to the General Fund; provided the City Council appropriates funds each year to make the
payments;
NOW, THEREFORE, BE IT RESOLVED that:
1. The City Council of the City of Ukiah hereby approves the internal loan of $195,805 to Ice
Rink Fund 314 for the purchase of the Equipment.
2. The Ice Rink Fund 314 will be directed to compensate the General Fund 100 in yearly
payments, and in amounts determined by the Finance Director dependent upon the analysis
of revenues versus expenditures for each year. Payments shall be made in a yearly transfer
from the Ice Rink Fund to the General Fund. The interest rate for the balance due to the
General Fund will be three and twenty-two thousandths percent (3.022%) per annum.
Payment shall be made in full by March 31, 2027. Transfers shall be treated as expenditures
of the Ice Rink Fund, and revenue to the General Fund in the City's budgets and financial
statements.
PASSED AND ADOPTED this 151" day of June, 2022, by the following roll call vote:
AYES: Councilmembers Orozco, Rodin, Duenas, and Mayor Brown
NOES: None
ABSENT: Councilmember Crane
ABSTAIN: None
Ji . Brown, Mayor
ATTEST:
Kristine Lawler, City Clerk