HomeMy WebLinkAbout1987-237 CCR1
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Member Bill Hawes introduced the following resolution and
moved its adoption:
RESOLUTION TO TRANSFER SURPLUS FUNDS FROM VARIOUS DEBT SERVICE
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, construciton 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, there now exists accumulated cash surpluses in certain
Debt Service 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 investments; and
WHEREAS, the Fund Balance in these funds as of December 31, 1986
were as follows:
Park Bonds of 1957
Library Bonds of 1964
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that the above listed Debt Service Funds be closed and that
their remaining assest, along with any 1987 revenues, be transferred to the
Capital Projects Fund.
December 14, 1987
Date
t
ATTEST:
Clerk
RESOLUTION NO. 87 237
207,858.49
86,946.67
294,805.16
Mayo
The motion for the adoption of the foregoing resolution was duly seconded by
member Celia Scott and upon vote being taken therein, 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.