HomeMy WebLinkAbout1975-212 CCR Member Bill Fignar introduced the following resolution and moved its
adoption:
RESOLUTION NO. 75_21
RESOLUTION TO TRANSFER SURPLUS FUNDS FROM VARIOUS
SPECIAL ASSESSMENT FUNDS TO THE CAPITAL PROTECTS 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 is 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 source 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 a Capital Projects Finance Plan by the
City Council 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, be transferred on an annual basis to the Capital
Project Fund; and
WHEREAS, the above mentioned Capital Projects Finance Plan was
formally confirmed by the adoption of Resolution No. 70 -55 by the City Council
on April 27, 1970; and
WHEREAS, to date, the Council has transferred the amount of $277,000
from the Special Assessments Funds to the Capital Projects Fund in accordance
with the financial plan; and
WHEREAS, the financial plan provides for an additional $89,000 to be
transferred to finance currently authorized appropriations; and
WHEREAS, there now exists accumulated cash surpluses in Special
Assessment Fund No. 1 (Bond Fund No. 1), Special Assessment Fund No. 6
(1955A Fund), Special Assessment Fund No. 7 (1956AC Fund), Special Assessment
Fund No. 8 (1956B Fund), Special Assessment Fund No. 9 (1957AB Fund), and
Special Assessment Fund No. 11 (1958B Fund) in the amount of $89,000; and
WHEREAS, all obligations of the above mentioned funds have been
satisfied and all bonds in the Funds have been paid (or cash reserves have been
set aside for their payment), and that the accumulated cash surpluses are primarily
a result of the interest earned on the investment of special assessment prepay-
ments and annual assessment levies:
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RESOLUTION NO. 75-212
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center to transfer to the Capital Projects Fund the amount of $13,000
from Special Assessment Fund No. I, the amount of $31, 000 from Special Assess-
ment Fund No. 6, the amount of $22,000 from Special Assessment Fund No. 7,
the amount of $7,000 from Special Assessment Fund No. 8, the amount of $7,000
from Special Assessment Fund No. 9, and the amount of $9,000 from Special
Assessment Fund No. 11
November 3, 1975
Date Mayor
ATTEST:����
Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Robert Jensen and upon vote being taken thereon, the following voted
in favor thereof: Philip Cohen, Maurice Britts, Tony Kuefler, Bill Fignar
and Robert Jensen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.