HomeMy WebLinkAboutResolution 2020 (17) Resolution No. 17 (2020)
ST. ROM�'w '° �..1NTY RESOLUTION AUTHORIZING LOAN TO GLENWOOD CITY FOR
I'SOYI`'1)7 JOINT SAFE ROOM PROJECT
1 WHEREAS, St. Croix County and the City of Glenwood City entered into a Cooperative
2 Project for construction of a Safe Room at the St. Croix County Fairgrounds; and
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4 WHEREAS, the City of Glenwood City will enter into a contract for construction up to
5 $582,550 to construct a safe room at the St. Croix County Fairgrounds; and
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7 WHEREAS, the City of Glenwood City will utilize a $524,295 grant to cover most of
8 the project costs; and
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10 WHEREAS, St. Croix County will provide up to $42,085 of the County's St. Croix
11 contingency funds toward the project, in addition to the loan; and
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13 WHEREAS, St. Croix County is authorized by Wis. Stat. § 66.0603(lm)(a)3, to invest
14 its funds in securities of the City of Glenwood City, such as promissory notes; and
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16 WHEREAS, the City of Glenwood City will sign a promissory note with St. Croix
17 County in the amount of$524,295 which will be paid off immediately following the receipt of
18 the funds, in the amount of$524,295.
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20 NOW, THEREFORE, BE IT RESOLVED, that the St. Croix County Board of
21 Supervisors authorizes St. Croix County to lend funds to the City of Glenwood City in the
22 amount up to $524,295, through the purchase of a promissory note issued by the City of
23 Glenwood City. The promissory note shall bear interest at a rate per annum of 2.0%. Payment
24 in full of principal and interest accrued shall occur on August 18, 2022, or upon the release of the
25 grant funds to the City of Glenwood City, whichever occurs first.
Legal—Fiscal—Administrative Approvals:
Legal Note:
Fiscal Impact: The short term loan will cost the County about$750 per month in lost investment
revenue. The joint project saved the County approximately$100,000 in grant
matching requirements.
C„ .1
Gnrparation n 1/2020 K ' r Cou i r 2/28/Z020
P ck Thompson,CaurrLy Admini r 3/13/20 00
03/16/20 Administration Committee RECOMMENDED
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RESULT: RECOMMENDED [UNANIMOUS]
MOVER: Roy Sjoberg, Vice-Chair
SECONDER: Dan Fosterling, Supervisor
AYES: Roy Sjoberg, Dan Fosterling, David Peterson, Nancy Hable
ABSENT: Tammy Moothedan
Vote Confirmation.
David Pe a son Adm�rri atiorr<Chairman 3/18/2=
SL Croix County Board of Supervisors Action:
Roll Call -Vote Requirement— Majority of Supervisors Present
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RESULT: ADOPTED [UNANIMOUS]
MOVER: Scottie Ard, Supervisor
SECONDER: Paul Berning, Supervisor
AYES: Schachtner, Anderson, Long, Leaf, Koch, Hall, Berning, Ottino, Feidler, Ostness,
Counter, Hansen, Ard, Tellijohn, Peterson, Anderson, Achterhof, Tomtschik,
Peavey
This Resolution was Adopted by the St. Croix County Board of Supervisors on May 5, 2020
Cindy Campbell, County Clerk