HomeMy WebLinkAbout1987-236 CCR1
Member Bill Hawes introduced the following resolution and
moved its adoption:
RESOLUTION NO. 87 -236
RESOLUTION TO TRANSFER SURPLUS FUNDS FROM VARIOUS SPECIAL
ASSESSMENT FUNDS TO THE CAPITAL PROJECTS FUND
WHEREAS, on October 14, 1968, the City Council of the City of
Brooklyn Center did establish a Capital Projects Fund to provide funds, and
to account for the expenditure of such funds, for major capital outlays
(which include, but are not limited to, construction or acquisition of
major permanent facilities having a relatively long life) and /or to reduce
debt incurred for capital outlay: and
WHEREAS, the council did resolve that the sources of revenue for
the Fund would consist of ad valorem taxation, transfers by the Council of
surpluses of other City Funds, issuance of bonds, interest earnings of the
Fund, and from other sources of revenue which, from time to time, the City
Council deems to be available for transfer to the Fund; and
WHEREAS, in the development of the Capital Projects Finance Plan
in 1968, the Council did determine that surplus funds accrued in certain
Special Assessment Funds, which primarily were a result of interest earnings
on the investments of the Fund, could and should be transferred to the Capital
Projects Fund to be used for major capital outlays; and
WHEREAS, there now exists accumulated cash surpluses and residual
special assessment receivables in certain Special Assessment Funds; and
WHEREAS, all obligations of the above mentioned Funds have been
satisfied and no bonds are outstanding in the Funds, and that the accumulated
cash surpluses 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 these funds as of December 31, 1986
were as follows:
Special Assessment Fund No. 48(1959AB)
Special Assessment Fund No. 49(1960AB)
Special Assessment Fund No. 50(1961AB)
Special Assessment Fund No. 51(1963AB)
Special Assessment Fund No. 52(1965A)
Special Assessment Fund No. 53(1966A)
Special Assessment Fund No. 56(1973)
1,087.53
965.12
141.33
532,798.57
141,125.22
155,703.69
260,554.33
$1,092,375:79
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that the above listed Special Assessment Funds be closed and
that their remaining cash and special assessments receivable, along with any
1987 revenues or expenditures, be transferred to the Capital Projects Fund.
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RESOLUTION NO. 87 -236
ATTEST;
December 14, 1987
Date
Clerk
The motion for the adoption of the foregoing resolution was duly seconded
by member Celia Scott, 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.