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(RESEDA83)
Member Celia Scott
resolution and moved its adoption:
RESOLUTION NO. 92-140
introduced the following
RESOLUTION CLOSING THE GENERAL OBLIGATION TAX INCREMENT BONDS
OF 1983 DEBT SERVICE FUND AND TRANSFERRING THE REMAINING FUNDS
TO THE GENERAL OBLIGATION TAX INCREMENT BONDS OF 1985 DEBT
SERVICE FUND
WHEREAS, Section 7.11 of the City Charter provides the City
Council with the authority to make transfers between all funds which
may be created, provided that such transfers are not inconsistent with
the provisions of the City Charter, or State Statutes; and
WHEREAS, the General Obligation Tax Increment Bonds of 1983
Debt Service Fund was established to receive tax increments and
interest earnings to make debt service payments on the bonds sold; and
WHEREAS, all outstanding bonds of the General Obligation Tax
Increment Bonds of 1983 Debt Service Fund were called for payment on
February 1, 1992; and
WHEREAS, there now exists accumulated cash surpluses which are
a result of higher than anticipated tax increment collections and
interest earned on investments; and
WHEREAS, the cash surplus remaining in this fund after making
the debt services payments of February 1, 1992 was $191,898.06 and
there will be additional interest earnings during 1992; and
WHEREAS, the General Obligation Tax Increment Bonds of 1985
Debt Service Fund was established to receive tax increments and
interest earnings to make debt service payments on the bonds sold.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota, as follows:
1. to transfer the amount of $191,898.06 from the General
Obligation Tax Increment Bonds of 1983 Debt Service Fund to
the General Obligation Tax Increment Bonds of 1985 Debt
Service Fund.
2. to transfer the interest earnings of the General
Obligation Tax Increment Bonds of 1983 Debt Service Fund to
the General Obligation Tax Increment Bonds of 1985 Debt
Service Fund when they have been determined at year end.
3. to close the General Obligation Tax Increment Bonds of
1983 Debt Service fund.
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RESOLUTION NO. 92 -140
June 8, 1992
Date
ATTEST:
Deputy Clerk
'Todd Paulson, Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by Member Jerry Pedlar 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.