HomeMy WebLinkAbout1993-053 CCR1
1
Member Celia Scott introduced the following resolution
and moved its adoption:
RESOLUTION NO. 93 -53
RESOLUTION CLOSING THE PARK BONDS OF 1980 DEBT SERVICE FUND
AND TRANSFERRING THE REMAINING FUNDS TO THE CERTIFICATES OF
INDEBTEDNESS DEBT SERVICE FUND AND THE GENERAL FUND
WHEREAS, Section 7.11 of the City Charter provides the City
Council with the authority to make transfers between all funds which
maybe created, provided that such transfers are not inconsistent with
the provisions of the City Charter, or State Statutes; and
WHEREAS, the Park Bonds of 1980 Debt Service fund was
established to receive property tax collections and interest earnings
and to make debt service payments on the bonds sold; and
WHEREAS, the Fund Balance in this fund as of December 31, 1992
was $504,146.46 and there have been no additional revenues during
1993; and
WHEREAS, the final principal and interest payment of the Park
Bonds of 1980 Debt Service fund was made in the amount of $322,382.58
on February 1, 1993; and
WHEREAS, there remains after the final payment, an accumulated
cash surplus of $181,763.88, which is primarily a result of interest
earned on investments; and
WHEREAS, the Certificates of Indebtedness Debt Service fund
was established to receive property tax collections and interest
earnings and to make debt service payments on the certificates; and
WHEREAS, the 1993 City of Brooklyn Center budget called for
the transfer of $170,000 from the Park Bonds of 1980 Debt Service fund
to the Certificates of Indebtedness Debt Service fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota, as follows:
1. to transfer effective January 1, 1993, the amount of
$181,763.88 from the Park Bonds of 1980 Debt Service fund to
the Certificates of Indebtedness Debt Service fund.
2. to transfer the remaining delinquent property taxes
receivable of approximately $21,018.50 to the General fund.
3. to close the Park Bonds of 1980 Debt Service fund.
RESOLUTION NO. 93 -53
April 12, 1993
Date
ATTEST lCI'A 1.4.4„(.
Deputy Clerk
Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by Member Dave Rosene 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.