RESOLUTION NO. 3-95
RESOLUTION ADJUSTING THE TERMS OF THE INTERFUND LOANS FROM THE GENERAL FUND TO THE TIARA RADO GOLF COURSE FUND
WHEREAS, the City of Grand Junction has approved loans from the General Fund to the Tiara Rado Golf Course Fund; and
WHEREAS, the Tiara Rado Golf Course Fund long range projections indicate a need to restructure the length of the scheduled debt service;
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Grand Junction approves the extension of the loans to the Tiara Rado Golf Course Fund through the year 2008 in accordance with the attached schedules.
PASSED and ADOPTED this 4th day of January, 1995.
APPROVED:
/s/ Reford C. Theobold
President of the Council Pro Tem
ATTEST:
/s/ Stephanie Nye
City Clerk
TIARA RADO DEBT: Resolution No. 3-95
******************** Attachment #1
CLUBHOUSE LOAN
1993 Ending/1994 $525,610.78
===========
Annual Debt Service Payment:
Term 15.00
Interest Rate 0.09
_____-
Payment $65,206.69
___________________________________________________________________________
PMT. Year Beg. Balance Payment Interest Principal Ending Balance
__ __ ______ ______ ______ ______ _______
1 1994 525610.78 65206.69 47304.97 17901.72 507709.06
2 1995 507709.06 65206.69 45693.82 19512.87 488196.19
3 1996 488196.19 65206.69 43937.66 21269.03 466927.17
4 1997 466927.17 65206.69 42023.44 23183.24 443743.92
5 1998 443743.92 65206.69 39936.95 25269.73 418474.19
6 1999 418474.19 65206.69 37662.68 27544.01 390930.18
7 2000 390930.18 65206.69 35183.72 30022.97 360907.21
8 2001 360907.21 65206.69 32481.65 32725.04 328182.18
9 2002 328182.18 65206.69 29536.40 35670.29 292511.89
10 2003 292511.89 65206.69 26326.07 38880.62 253631.27
11 2004 253631.27 65206.69 22826.81 42379.87 211251.40
12 2005 211251.40 65206.69 19012.63 46194.06 165057.34
13 2006 165057.34 65206.69 14855.16 50351.53 114705.81
14 2007 114705.81 65206.69 10323.52 54883.16 59822.65
15 2008 59822.65 65206.69 5384.04 59822.65 -0.00
______ ______ ______ ______
978100.29 452489.51 525610.78
=============================================================================
LAND LOAN
1993 Ending/1994 Beg. Balance $400,000.00
===========
Annual Debt Service Payment:
Term 14.00
Interest Rate 0.08
_____-
$48,518.74
___________________________________________________________________________PMT. Year Beg. Balance Payment Interest Principal Ending Balance
__ __ ______ ______ ______ ______ _______
1 1994 400000.00 32000.00 32000.00 0.00 400000.00
2 1995 400000.00 48518.74 32000.00 16518.74 383481.26
3 1996 383481.26 48518.74 30678.50 17840.24 365641.02
4 1997 365641.02 48518.74 29251.28 19267.46 346373.56
5 1998 346373.56 48518.74 27709.88 20808.86 325564.70
6 1999 325564.70 48518.74 26045.18 22473.56 303091.14
7 2000 303091.14 48518.74 24247.29 24271.45 278819.69
8 2001 278819.69 48518.74 22305.57 26213.17 252606.52
9 2002 252606.52 48518.74 20208.52 28310.22 224296.30
10 2003 224296.30 48518.74 17943.70 30575.04 193721.26
11 2004 193721.26 48518.74 15497.70 33021.04 160700.22
12 2005 160700.22 48518.74 12856.02 35662.72 125037.50
13 2006 125037.50 48518.74 10003.00 38515.74 86521.76
14 2007 86521.76 48518.74 6921.74 41597.00 44924.76
15 2008 44924.76 48518.74 3593.98 44924.76 -0.00
______ ______ ______ ______
711262.38 311262.38 400000.00
TIARA RADO DEBT: Resolution No. 3-95
******************** Attachment #2
COMBINED LOANS
1993 Ending / 1994 Beginning Balance:
Clubhouse $525,610.78
Land 400,000.00
_____-
$925,610.78
===========
___________________________________________________________________________
PMT. Year Beg. Balance Payment Interest Principal Ending Balance
__ __ ______ ______ ______ ______ _______
1 1994 925610.78 97206.69 79304.97 17901.72 907709.06
2 1995 907709.06 113725.43 77693.82 36031.61 871677.45
3 1996 871677.45 113725.43 74616.16 39109.27 832568.18
4 1997 832568.18 113725.43 71274.73 42450.70 790117.48
5 1998 790117.48 113725.43 67646.84 46078.59 744038.89
6 1999 744038.89 113725.43 63707.85 50017.57 694021.32
7 2000 694021.32 113725.43 59431.01 54294.42 639726.90
8 2001 639726.90 113725.43 54787.22 58938.20 580788.70
9 2002 580788.70 113725.43 49744.92 63980.51 516808.19
10 2003 516808.19 113725.43 44269.77 69455.65 447352.53
11 2004 447352.53 113725.43 38324.52 75400.91 371951.62
12 2005 371951.62 113725.43 31868.64 81856.78 290094.84
13 2006 290094.84 113725.43 24858.16 88867.27 201227.57
14 2007 201227.57 113725.43 17245.26 96480.16 104747.41
15 2008 104747.41 113725.43 8978.02 104747.41 -0.00
______ ______ ______ ______
1689362.67 763751.89 925610.78