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Home My WebLink About1989-237 CCR1 (IGODEBT) Member Celia Scott introduced the following resolution and moved its adoption: RESOLUTION NO. 89-237 RESOLUTION TO TRANSFER FUNDS FROM THE BUILDING AND IMPROVEMENT BONDS OF 1969 DEBT SERVICE FUND TO THE CAPITAL PROJECTS 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 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 will be satisfied and all bonds paid by December 31, 1989. 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 Capital Projects 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 Capital Projects 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. December 18, 1989 Dat1 ATTEST: Clerk Cd 2- Mayor The motion for the adoption of the foregoing resolution was duly seconded by member Todd Paulson 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 the same: none, whereupon said resolution was declared duly passed and adopted.