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RFSOLUTION NO. 95-50
A RFSOLUTION APPROVING AN INTERGOVERNMENTAL LOAN
WHEREAS, the Central St. Croix Valley Joint Cable Communication Commission (the
"Commission") is a Minnesota municipality charged with the administration and regulation of the cable
communication franchise in the Cities of Stillwater, Bayport and Oak Park Heights; and
WHEREAS, the Commission has been given the opportunity to settle and compromise an
outstanding claim against the Commission for one-half of the face value of the debt; however, the
Commission is without enough reserve to fund the settlement and take advantage of the compromise; and
WHEREAS, they have requested an Intergovernmental Loan in the amount of $15,000 to enable
them to take advantage of the settlement offer; and it is definitely in the public interest that they be able
to do so; and
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. That an Intergovernmental Loan in the amount of $15,000 be and the same hereby is
approved to be repaid to the City of Stillwater at the rate of $500 per month. An interest rate of 7.15 %
will be charged on the unpaid balance.
2. That as evidence of this Loan, the Joint Cable Communication Commission is requested
to issue its Certificate of Indebtedness for the obligation.
Adopted by the City Council of the City of Stillwater this 21st day of February, 1995.
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