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HomeMy WebLinkAbout1981-260 CCR Member Tony Kuefler introduced the following resolution and moved its adoption: RESOLUTION NO. 81 -260 RESOLUTION TO TRANSFER FUNDS FROM THE INVESTMENT TRUST FUND TO THE CAPITAL PROJECTS FUND WHEREAS, Section 12.05 of the City Charter does provide the City Council with authority to sell public property by ordinance and use the proceeds of the sale to purchase additional real property or construct or make improvements on existing City owned real property whenever the outstanding indebtedness against the sold property has been satisfied; and WHEREAS, on April 13, 1979, the City received the sum of $97,100 for land purchased by the State of Minnesota from the Civic Center site to complete the right -of -way for the Shingle Creek Parkway Interchange; and WHEREAS, said sum was placed in escrow in the City Investment Trust Fund pending disposition of said funds; and WHEREAS, Section 7.11 of the City Charter does provide the City Council with full authority to make permanent transfers between all Funds which may be created, provided that such transfers are not inconsistent with the provisions of related covenants, the provisions of the City Charter or State Statutes; and WHEREAS, the City has established a Capital Projects Fund to provide funds and to account for the expenditure of such funds for major capital out- lays (which shall include, but not be limited to, construction or acquisition of major permanent facilities having a relatively long life); and /or to reduce debt incurred for capital outlays; and WHEREAS, there was no outstanding indebtedness against the public property sold: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center to transfer the sum of $97,100 from the :Escrow:Account_in the Investment Trust Fund to the Capital Projects Fund to be appropriated for the new Civic Center Access from Shingle Creek Pakrway. Decembe 21, 1981 a— May9t L% ATTEST: eitdifrO .L I f Clerk The motion for e adoption of the foregoing resolution was duly seconded by member Bill Fignar and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Tony Kuefler, Bill Fignar, and Gene Lhotka; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.