Sixth-Penny Interfund Loans
At a glance
Based on auto-generated captions; names and details may be misheard.
- What: resolution (agenda item 31) authorizing up to about $18.1 million in interfund loans from the 1% state sales tax capital projects fund to the specific purpose option (sixth-penny) fund for nine projects approved by voters on August 18, 2026.
- Where it stands: Finance Committee voted unanimously on 2026-10-20 to recommend adoption.
- Next: City Council vote. Sixth-penny collections begin January 1, 2027.
Terms
- Maximum per project; one transfer per project; interest at the 1% fund's investment earnings rate, accruing only when funds move.
- Repayment from each project's sixth-penny revenue within four years; early repayment without penalty.
- The 1% fund held about $83.4 million at June 30, 2026, enough without affecting committed projects. Avoids outside borrowing.
- Treasurer Lockman expects actual borrowing to be lower than the maximum.
Discussion
- Moody said the projects are essential police and fire items, including a fire station and police equipment. Rinne and Wolfe supported it as good stewardship, since delay raises costs.
- No public comment.
Sources
- 2026-10-20 - Finance Committee (transcript and video)
- City Council Minutes and Agendas: https://www.cheyennecity.org/Your-Government/City-Council/Minutes-and-Agendas
Discussion time
About 5 minutes across 1 meeting (from transcript timestamps; approximate).
| Meeting | Minutes |
|---|---|
| 2026-10-20 - Finance Committee | 5 |
Log
- 2026-10-20 - Finance Committee - committee recommended adoption (unanimous).