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THE_ ITY OF BILLINGS: Charles F. oole Mayor M ayer Pm Ten m e absence en the MaYar RESOLUTION 05-18265 RESOLUTION RELATING TO AN INTER-FUND LOAN AND APPROVING THE TERMS AND CONDITIONS OF THE LOAN BE IT RESOLVED by the City Council (the "Council") of the City of Billings, Montana (the "City"), as follows: Section 1. Authorization. 1.01. This Council has approved the purchase of land on which to construct a fire station. The cost of the land will total $200,000. In order to pay land costs, the Council determined that it was necessary and desirable and in the best interests of the City to finance such costs through an inter-fund loan from the Solid Waste Fund to the Public Safety Fund - Fire Department. Section 2. Terms. 2.01. The Public Safety Fund will make five annual principal and interest payments to the Solid Waste Fund, commencing on August 1, 2006. The principal portion of each payment will be $40,000 and interest portion will be the City's annual rate of return for the previous year ending June 30 plus one-half of one percent applied to the unpaid principal amount. APPROVED by the City Council of the City of Billings, Montana, this 23 rd day of May, 2005. ATTEST: 77/COArrt ‘ A MAALP-04 Marita Herold, CMC/AAE City Clerk