Resolution 5256 - Authorizing Loan Agreement - Fire Truck1�SOLUTION 5256
A RESOLUTION AUTHORIZING THE CITY MANAGER. AND FINANCE DIRECTOR
TO ENTER INTO A LOAN AGREEMENT WITH ROCKY MOUNTAIN BAND FOR
THE PURPOSE OF PURCHASING A FIRE TRUCK.
WHEREAS, the 2007-2008 Fire Department budget provided for financing the purchase of a
ladder truck for a period of ten years, and
WHEREAS, on October 15, 2007, Council awarded the contract to Big Sky Fire Equipment in
Lewistown in the amount of $687,987, and
WHEREAS, Rocky Mountain Bank is offering to loan the City of Kalispell the amount of
$575,000 at a 3.95% fixed rate for tern years in order for the City to purchase the
ladder truck, with the difference being paid out of Impact Fee funds. The
amortization schedule is attached as Exhibit "A".
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
IA.LISPELL AS FOLLOWS:
SECTION I. That upon approval of the City's Bond Counsel, the City Manager and
Finance Director are hereby authorized and directed to enter into a loan
agreement with Rocky Mountain Bank in the amount of $575,000 at a
3.95 % fixed rate for the period of ten years.
PASSEL] AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF
THE CITY OF KALISPELL, THIS 22ND DAY OF JANUARY, 2008.
ATTEST:
Theresa White
City Clerk
EXHIBIT "A"
DATE 01 w 14
- 2 0 0 8 ROCKY
MOUNTAIN BANK
PAGE 1
LN0295
ORTTZATION SCHEDULE
S 0 --02 95
PRIM AMT;
575,000.00
ACCR/YR BASE: ACT
350 INT COMP:
SIMPLE
I N I ERE-ST RATE:
3.9500
PAYMENT
TOTAL PYMT
PRINCIPAL
INTEREST
PRINCIPAL SAL
LATE
CR LIFE
A &H
DER I14 S
INTEREST PAID
8- 01-- 08
35O67.27
25414 .46
9 5
549585.54
.00
1100
9652.81
2-01-09
3S067.27
23971-75
1.1095.S2
52561.3.75
_00
.00
.00
20'748.33
$-01- 09
3SO67 -21
24628 .'72
10438. SS
500985 .01
.00
.Ott
.00
31186.88
2 - 01.-10
3506 7 - 27
24952.94
1011.4. 33
476032 ,1.3
.00
.00
.00
41301.21
8 - 01- 10
35067 .27
25 61.3 t 40
9453 - 87
450418.73
.00
/ o o
.00
50755.Oa
2 - f� �f 1-11
35067 ■ 27
25973 - 82
9093.45
424444. 51
.00
-.00
. 00
59848.53
8- 01-11.
3508'7 .2"7
26637, 91
8429.36
39'780 7. 00
.00
.00
a 00
68277 - 8S
2 - 01--1.2
35087 -27
27035.99
8031. 28
370771 _ 01
.00
.00
.00
76309.17
8 - 01 -12
35067 .2`1
27863 ,18
7404.09
7 34310 .83
.00
�
t V M
r p o
83713 . 2 6
2-01- 3-3
35067,27
281.40.31
6926.96
314967.52
a00
.00
-00
90640.22
8 - 01-13
15067 . 27
28812 .10
625S.17
28GISS - 42
.00
.00
.00
96895.39
j/�j j}
2-01 -1.4
35067.27
29290.11
S777.16
256865.31
1 0 2 6 7 2. 5 5
�j "�
8�-01.-14
35067 .27
V/.�{ /+.1{�
29965. 99
/}y
5101.28
226899.32
.00
.00
.00
107773 - 83
2- 01 -15
3,5067 .2"7
30486 ,4�3
4580.84
1.96412 _ 89
y
.00
.00
-00
1.12354.67
DATE 01-14-2009
PR1.N AMT •
ROCKY MOUNTAIN BANK
AMORTI TI ON ScKEDJLE
5 7 5* 0 0 0.0 0 ACCR { YR BASE: ACT 360
INTEREST RATE.- 3 .9500
PAYMENT TOTAL PYMT
DATE
8-01- 16
2-01-17
8--01-17
3S067.27
35067.217
15 0 67. 4 7
35067 .27
3SQ67.27
2-01-18 3S067.16
PRINCIPAL
CR LIFE
31166. S6
.00
31731.13
.00
32401. 05
.00
33025. 89
.vo
33715.05
.00
34373.21.
.00
PAGE 2
LN029S
50--0295
INT COMP : SIMPLE
INTEREST
A&H
3900.71
.00
3336.14
.00
2666.22
.00
2041.38
.00
1352.22
.00
693.9S
.00
PRINCIPAL BAL
OTHER INS
INTEREST LAID
16524 6.3 3
.00
1162S5,38
133515-2❑
.00
119591- 52
101114 . 15
.00
122257 - 74
68088.26
.00
124299_12
34.373 .21
.00
125 651. 34
.00
.00
126345.29