HomeMy WebLinkAbout1993-228 CCRMember Celia Scott introduced the following resolution
and moved its adoption:
RESOLUTION NO. 93- 228
RESOLUTION TO CANCEL PART OF A TAX LEVY PREVIOUSLY CERTIFIED
FOR THE REDEMPTION OF THE CERTIFICATES OF INDEBTEDNESS SOLD IN
1992 AND 1993
WHEREAS, The City Council, on November 25, 1991, adopted
Resolution 91 -270 which approved a budget for the year 1992 and
authorized the sale of $480,000 of certificates of indebtedness;
and
WHEREAS, The City Council, on November 25, 1991, adopted
Resolution 91 -269 which certified to the County tax levies for the
years 1992, 1993, and 1994 to make the necessary debt service
payments on the $480,000 of certificates of indebtedness; and
WHEREAS, The City Council, on December 10, 1992, adopted
Resolution 92 -269 which approved a budget for the year 1993 and
authorized the sale of $120,000 of certificates of indebtedness;
and
WHEREAS, The City Council, on December 10, 1992, adopted
Resolution 92 -270 which certified to the County tax levies for the
years 1993, 1994, and 1995 to make the necessary debt service
payments on the $120,000 of certificates of indebtedness; and
WHEREAS, The balance remaining on the 1992 Certificates of
Indebtedness will be $160,000 as of December 31, 1993; and
WHEREAS, The balance remaining on the 1993 Certificates of
Indebtedness will be $80,000 as of December 31, 1993; and
WHEREAS, There is at least $240,000 of surplus money available
as a result of special assessment prepayments in the Refunding
Bonds of 1987 debt service fund, which can be transferred to close
the remaining balances of the 1992 and 1993 Certificates of
Indebtedness; and
WHEREAS, Section 7.11 of the City Charter does provide the
City Council with full authority to make transfers between all
funds which may be created, provided that such transfers are not
inconsistent with the provisions of related covenants, the
provisions of the City Charter, or State Statutes.
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RESOLUTION NO. 93-228
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota, as follows:
1. The amount of $240,000 shall be transferred from the
surplus of the Refunding Bonds of 1987 debt service fund to the
Certificates of Indebtedness debt service fund as of December 31,
1993.
2. The Director of Finance shall notify Hennepin County of
the cancellation of the remaining levies previously certified to
the County for the Certificates of Indebtedness.
December 20, 1993
Date
ATTEST:
Deputy Clerk
odd Paulson, Mayor
The motion of the adoption of the foregoing resolution was duly
seconded by member Kristen Mann and upon vote being taken
thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.