HomeMy WebLinkAbout1987-238 CCR1
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Member Bill Hawes
moved its adoptions
ATTEST:
introduced the following resolution and
RESOLUTION NO. 87 -238
RESOLUTION TO TRANSFER SURPLUS FUNDS FROM THE OPEN SPACE LAND
ACQUISITION FUND 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, there now exists an accumulated cash surplus in the
Open Space Land Acquisition Fund which is primarily a result of interest
earnings; and
WHEREAS, all obligations of the fund have been satisfied.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City
of Brooklyn Center that the Open Space Land Acquisition Fund be closed and
that its December 31, 1986 Fund Balance of $3,898.33 along with any 1987
revenue be transferred to the Capital Projects Fund.
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.