HomeMy WebLinkAbout1990-035 CCR(IGODEBT)
Member Celia Scott introduced the following resolution and
moved its adoption:
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 Building and Improvement Bonds of 1969 Debt
Service Fund was established to receive ad valorem taxes and interest
earnings and to make debt service payments on the bonds sold; and
WHEREAS, there now exists accumulated cash surpluses and
delinquent taxes receivable which are primarily a result of interest
earned on investments; and
WHEREAS, the Fund Balance in this fund as of December 31, 1988
was $512,760; and
WHEREAS, all obligations of the Building and Improvement Bonds
of 1969 Debt Service Fund were satisfied and all bonds paid by
December 31, 1989; and
WHEREAS, the City Council had previously passed Resolution
89 -237 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 $512,760 from the Building
and Improvement Bonds of 1969 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 Building and Improvement Bonds of 1969 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 Building and Improvement
Bonds of 1969 Debt Service Fund; and
BE IT FURTHER RESOLVED to rescind Resolution 89 -237.
ATTEST:
RESOLUTION NO. 90 -35
RESOLUTION TO TRANSFER FUNDS FROM THE BUILDING AND IMPROVEMENT
BONDS OF 1969 DEBT SERVICE FUND TO THE IMPROVEMENT BONDS OF
1976 DEBT SERVICE FUND
February 26, 1990
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: Dean Nyquist,
Celia Scott, Todd Paulson, Jerry Pedlar, and Philip Cohen;
and the following voted against t he the none,
whereupon said resolution was declared duly passed and adopted.