HomeMy WebLinkAbout1991-277 CCR1
(RESCLSFD)
Member Celia Scott introduced the following resolution
and moved its adoption:
RESOLUTION NO. 91 -277
RESOLUTION CLOSING THE 1976 SPECIAL ASSESSMENT DEBT SERVICE
FUND AND TRANSFERRING THE REMAINING FUNDS TO THE EDA FUND, THE
CAPITAL IMPROVEMENTS FUND, THE SPECIAL ASSESSMENT CONSTRUCTION
FUND, AND THE PARK BONDS OF 1980 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
maybe created, provided that such transfers are not inconsistent with
the provisions of the City Charter, or State Statutes; and
WHEREAS, the 1976 Special Assessment Debt Service fund was
established to receive special assessment collections and interest
earnings and to make debt service payments on the bonds sold; and
WHEREAS, all obligations of the 1976 Special Assessment Debt
Service fund were satisfied and all bonds and interest paid on
February 1, 1991; and
WHEREAS, there now exists accumulated cash surpluses and
delinquent taxes and special assessments receivable which are
primarily a result of interest earned on investments and transfers
from other debt service funds which were closed in prior years; and
WHEREAS, the Fund Balance in this fund as of December 31, 1990
was $1,950,378.01 and there have been additional special assessment
collections and interest earnings during 1991; and
WHEREAS, the City has established a Capital Improvements fund
to provide funds and to account for the expenditure of such funds for
major capital outlays (which shall include, but not be limited to,
construction or acquisition of major permanent facilities having a
relatively long life); and /or to reduce debt incurred for capital
outlays.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center, Minnesota, as follows:
1. to transfer effective January 1, 1991, the amount of
$1,000,000.00 to the Economic Development Authority for the
creation of an endowment, the earnings of which will be used
to support acquisitions and projects conducted pursuant to
Minnesota Statutes, Section 469.012, subdivision 1 clause (7)
or such other projects as are hereafter approved by the City
Council.
RESOLUTION NO. 91 -277
ATTEST:
2. to transfer remaining the special assessments receivable
of approximately $5,000 to the Special Assessment Construction
fund.
3. to transfer the remaining property taxes receivable of
approximately $1,500 to the Park Bonds of 1980 Debt Service
fund.
4. to transfer the remaining excess of 1991 revenues over
expenditures to the Capital Improvements fund when they have
been determined at year end.
5. to close the 1976 Special Assessment Debt Service fund.
December 16, 1991
Date
Deputy Clerk
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, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.