Resolution #942021
Borrowing
The electors and property owners at the Annual Meeting will consider authorizing the Friendship Lake Board of Directors to borrow $321,000 with an interest rate of not more than 3,5% payable over 15 years with repayment of such loan being from annual tax levies.
Such borrowing will be used to pay the settlement of the Pheiffer Appeal of the price paid for acquisition of the Friendship Dam plus additional legal costs (total of approximately $112,000), approximately $134,000 for the purchase of a new weed harvester and trailer, and approximately $75,000 for the construction of a building to protect the harvester and trailer.
Capital Projects
The electors and property owners at the Annual Meeting will consider authorizing the Friendship Lake Board of Directors to purchase a harvester and trailer to replace its existing equipment. Bids have not been solicited but estimates range up to, and the Board is seeking approval to spend up to $240,000 to purchase both a harvester and trailer. The Board also seeks approval to dispose of the existing equipment in a manner that provides the greatest benefit to the Lake District and any funds received shall be used to reduce the amount we need to borrow. In addition, the Board seeks approval to expend approximately $30,000 to rehabilitate the generation equipment to allow generation of electricity for our own use and selling back to Alliant Energy.
The electors and property owners at the Annual Meeting will consider authorizing the Friendship Lake Board of Directors to purchase additional land if necessary and to construct a building adequate to protect the harvester, trailer, tractor and other Lake District equipment and supplies, up to $75,000.
Adopted September 4, 2021
Bob Berry, Chairman
Karen Pokorny, Secretary
Friendship Lake District Resolution #8112021
The Friendship Lake District will correct its prior position and practice of the Friendship Lake District Board of Commissioners regarding the assessment of the annual tax levy to comply with State of Wisconsin Chapter 33 Statutes.
Specifically, until further revised, the process shall be the following:
The revenue for the operational needs of the Friendship Lake District (all needs other than capital investments) shall be divided by the Total Equalized Value of the District to establish a Mil rate.
Revenue needed for capital investments can be collected either through a one-time Special Charge assessed to each property in the Friendship Lake District or may be financed with the annual amount for debt service to be divided by the Total Equalized Value of the Friendship Lake District to determine a Mil rate.
Unless otherwise directed by the members of the Friendship Lake District, the Friendship Lake District Board of Commissioners directs that capital investments shall be paid for through borrowing over as many years as the commissioners deem reasonable in consultation with the district's bank.
The Mil rate determined for operational needs shall be added to any Mil rate required for capital investments to determine the total Mil rate required by the Friendship Lake District. The total Mil rate shall be provided to the appropriate taxing authorities to be applied to the total property (land plus improvements) value owned by each member of the Friendship Lake District.
In the event the membership directs a one-time Special Charge to pay for capital investments then that amount will be provided along with the required Mil rate to the appropriate taxing authorities.
Adopted August 11, 2021
Bob Berry, Chairman
Karen Pokorny, Secretary
Resolution No. 952020
WHEREAS, the Friendship Lake District needs to borrow funds (i) to refinance the District's $110,000 Promissory Note dated December 5, 2017, outstanding in the principal amount of $94,397.76; (ii) to refinance the District's $300,000 Promissory Note dated May 7, 2019, as modified, outstanding in the principal amount of $225,000; and (iii) to finance attorney fees for the Friendship Lake Dam condemnation proceedings; and costs of issuance and miscellaneous fees in an amount of $60,602.24; and
WHEREAS, the Friendship Lake District is able to borrow funds from Adams Community Bank through a General Obligation Promissory Note pursuant to and subject to Wisconsin Statutes, Section 67.12(12); and
WHEREAS, the Friendship Lake District has the opportunity to borrow the sum of $380,000 from Adams Community Bank through a General Obligation Promissory Note at an annual interest rate at 3.25%, with a 10-year repayment term and a 17-year maturity schedule.
BE IT RESOLVED THAT the Friendship Lake District Board of Directors may borrow the sum of $380,000 from Adams Community Bank through a General Obligation Promissory Note at an annual interest rate at 3.25%, with a 10-year repayment term and a 17-year maturity schedule for following items: (i) to refinance the District's $110,000 Promissory Note dated December 5, 2017, outstanding in the principal amount of $94,397.76; (ii) to refinance the District's $300,000 Promissory Note dated May 7, 2019, as modified, outstanding in the principal amount of $225,000; and (iii) to finance attorney fees for the Friendship Lake Dam condemnation proceedings; and costs of issuance and miscellaneous fees in an amount of $60,602.24.
Adopted this 5th day of September, 2020.
Robert Berry, Chairman
Karen Pokorny, Secretary
