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Home My WebLink About1988-181 CCRRESOLUTION NO. 8 8-1 81 (ISADEBT) Member Celia Scott introduced the following resolution and moved its adoption: RESOLUTION TO TRANSFER FUNDS FROM THE 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 Improvement Bonds of 1969 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, 1987 was $130,870; and WHEREAS, all obligations of the Improvement Bonds of 1969 Debt Service Fund will be satisfied and all bonds paid by December 31, 1988. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center to transfer the amount of $130,870 frem the Improvement Bonds of 1969 Debt Service Fund to the Capital Projects Fund; and BE IT FURTHER RESOLVED to transfer the excess of 1988 revenues over expenditures of the 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 Improvement Bonds of 1969 Debt Service Fund. November 7, 1988 Date fl ATTEST: 2' D .1L-z Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Bill Hawes and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes, and Rich Theis; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.