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HomeMy WebLinkAbout1992-271 CCR1 1 Member Celia Scott introduced the following resolution and moved its adoption: RESOLUTION NO. 92- 271 RESOLUTION TO CANCEL PART OF A TAX LEVY PREVIOUSLY CERTIFIED FOR THE REDEMPTION OF THE $700,000 CERTIFICATES OF INDEBTEDNESS SOLD IN 1991 WHEREAS, The City Council, on December 18, 1990, adopted Resolution 90 -274 which approved a budget for the year 1991 which authorized the sale of $700,000 of certificates of indebtedness; and WHEEREAS, The City Council, on March 25, 1991, adopted Resolution 91 -87 which awarded the sale of $700,000 of certificates of indebtedness and certified to the County tax levies for the years 1991, 1992, and 1993 to make the necessary debt service payments; and WHEREAS, The last of these levies is for the year 1993 in the amount of $243,000; and WHEREAS, In the year 1993, the City will make the final debt service payment on the Park Bonds of 1980 and expects to have the amount of $170,000 remaining in the debt service fund from interest earnings; 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. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota, as follows: 1. The amount of $170,000 whall be transferred from the remaining surplus of the Park Bonds of 1980 debt service fund to the Certificates of Indebtedness debt service fund as part of the 1993 budget. 2. The 1993 tax levy for the 1991 Certificates of Indebtedness shall be reduced from the original $243,000 to $73,000. 3. The Director of Finance shall notify Hennepin County of the cancel- lation of $170,000 of the levy previously certified to the County. December 10, 1992 Date Todd Paulson, Mayor ATTEST: Pcdi, Clerk The motion of 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, Jerry Pedlar, Dave Rosene, and Philip Cohen; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.