Board approves fund transfer to pay for Dodger Stadium loan
The Fort Dodge Community School District board Monday authorized a loan from the Capital Projects Fund to the Physical Plant and Equipment Fund of up to $153,000 for the Dodger Stadium Athletic Field Replacement Project.
“Basically, we’ve got the inter-fund loan from Capital Projects to the PPEL account that was used to pay for the completion of the artificial turf at Dodger Stadium,” said Brandon Hansel, FDCSD director of finances.
The board has approved renewing this loan for the last several years, according to Hansel.
“Currently, the resolution is asking for a balance of $153,000,” he said.
The district continues to receive pledges for the project.
“The loan balance has decreased by about $10,000 this year,” Hansel said. “There’s just one large donor that’s outstanding.”
Doug Van Zyl, FDCSD superintendent, said efforts to contact the unnamed donor have failed.
“Numerous attempts have been made to contact this person,” he said. “We continue to do that.”
According to Hansel, the board is now evaluating options to do additional fundraising or “come up with another solution” to pay for the loan.
Despite this, the loan is not an inconvenience for the district.
“It’s not a large inconvenience. We do have to pay interest to ourselves on the loan, as required by law,” he said. “So it is something we’d like to get taken care of as soon as possible. But it’s not a major hardship.”
The loaned funds are to be repaid by June 30, 2014, with interest.