HomeMy WebLinkAboutOrd.5399.05-17-2021 BILL NO. 21-62 ORDINANCE NO. 5599
AN ORDINANCE APPROPRIATING THE EXPENDITURE OF
FUNDS FOR AN INTER-FUND LOAN FOR THE FISCAL
YEAR ENDING JUNE 30, 2021, IN THE CITY OF CAPE
GIRARDEAU, MISSOURI
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU,
MISSOURI, AS FOLLOWS:
ARTICLE 1 . The City Council of the City of Cape Girardeau,
Missouri, hereby appropriates from the unappropriated balance of
the Casino Revenue Fund for expenditure during the fiscal year June
30, 2021, for an inter-fund loan to the Airport Fund in the
following amount:
Long-Term Advance to other City funds (Casino Revenue Fund) -
One Million Four Hundred Seven Thousand Nine Hundred Eighty-four
Dollars ($1, 407, 984 . 00) to cover inter-fund loan to Airport Fund.
ARTICLE 2 . The City Council of the City of Cape Girardeau,
Missouri, hereby authorizes an inter-fund loan, in accordance with
City Charter Section 6. 03, from the Casino Revenue Fund to the
Airport Fund. The terms of the loan are 15 years at 1 . 25% rate of
interest. The amortization schedule of repayments and interest is
attached hereto and incorporated herein.
ARTICLE 3 . This ordinance shall be in full force and effect
ten days after its passage and approval.
PASSED AND APPROVED THIS 17TH DAY OF May , 2021 .
O,
Bob Fox, 4 or
ATTEST: cr- �; C .# ;'` .1N
• 111 4I Y,
113,We & , ,Ata ' - 1
Gaye ° �Conrad, City Clerk sot 47 ti; , +` k,
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Loan Information
Summary
Loan Amount
1,407,984.00
Total Payments
1,552,861.20
Annual Interest Rate
1.25%
Total Interest
144,877.20
Term of Loan in Years
15
First Payment Date
7/1/2022
Payment Frequency
Annual
Yearly Summary
Additional
Year -End
Payment Number
Year
Payments
Payments
Interest Paid
Principal Paid
Balance
0
1,407,984.00
1
2022
103,524.08
17,599.80
85,924.28
1,322,059.72
2
2023
103,524.08
16,525.75
86,998.33
1,235,061.39
3
2024
103,524.08
15,438.27
88,085.81
1,146,975.58
4
2025
103,524.08
14,337.19
89,186.89
1,057,788.69
5
2026
103,524.08
13,222.36
90,301.72
967,486.97
6
2027
103,524.08
12,093.59
91,430.49
876,056.48
7
2028
103,524.08
10,950.71
92,573.37
783,483.11
8
2029
103,524.08
9,793.54
93,730.54
689,752.57
9
2030
103,524.08
8,621.91
94,902.17
594,850.40
10
2031
103,524.08
7,435.63
96,088.45
498,761.95
11
2032
103,524.08
6,234.52
97,289.56
401,472.39
12
2033
103,524.08
5,018.40
98,505.68
302,966.71
13
2034
103,524.08
3,787.08
99,737.00
203,229.71
14
2035
103,524.08
2,540.37
100,983.71
102,246.00
15
2036
103,524.08
1,278.08
102,246.00
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