HomeMy WebLinkAbout1990-034 CCRATTEST:
(ISADEBT)
Member Celia Scott introduced the following resolution and
moved its adoption:
RESOLUTION NO. 90 -34
RESOLUTION TO TRANSFER FUNDS FROM THE IMPROVEMENT BONDS OF
1970 DEBT SERVICE FUND TO THE IMPROVEMENT BONDS OF 1976 DEBT
SERVICE FUND
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 inconsistant
with the provisions of related covenants, the provisions of the City
Charter, or State Statutes; and
WHEREAS, the Improvement Bonds of 1970 Debt Service Fund was
established to receive special assessment income and to make debt
service payments on bonds sold to finance improvements related to said
assessments; and
WHEREAS, there now exists accumulated cash surpluses and
residual special assessment receivables which are primarily a result of
the interest earned on the investment of special assessment pre payments
and annual assessment levies; and
WHEREAS, the Fund Balance in this fund as of December 31, 1988
was $684,904; and
WHEREAS, all obligations of the Improvement Bonds of 1970 Debt
Service Fund were satisfied and all bonds paid by December 31, 1989; and
WHEREAS, the City Council had previously passed Resolution
89 -238 which transfered these funds to the Capital Projects Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Brooklyn Center to transfer the amount of $684,904 from the Improve-
ment Bonds of 1970 Debt Service Fund to the Improvement Bonds of 1976
Debt Service Fund; and
BE IT FURTHER RESOLVED to transfer the excess of 1989 revenues
over expenditures of the Improvement Bonds of 1970 Debt Service Fund to
the Improvement Bonds of 1976 Debt Service Fund when they have been
determined at year end; and
BE IT FURTHER RESOLVED to close the Improvement Bonds of 1970
Debt Service Fund; and
BE IT FURTHER RESOLVED to rescind Resolution 89 -238.
February 26, 1990
C �erck
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 vo in favor thereof: Dean Nyquist,
Celia Scott, Todd Paulson, Jerry Pedlar, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.