HomeMy WebLinkAbout1975-220 CCR Member Bill Fignar introduced the following resolution and moved its
adoption:
RESOLUTION NO.-7.9-220
RESOLUTION TO AUTHORIZE THE CLOSING OF BOND
CONSTRUCTION FUND NO. 1 AND TO TRANSFER ITS FUNDS
TO THE CAPITAL PROTECTS FUND
WHEREAS, Bond Construction Fund No. 1 was created to account for the
proceeds of certain bond and certificates of indebtedness sales and the subsequent
expenditures of said proceeds; and
WHEREAS, said sales were as follows:
1. Certificates of Indebtedness No. 10 issued in the amount of
$44, 000 on May 1 1966 to finance the purchase of certain street
construction, maintenance and fire equipment.
2. Certificates of Indebtedness No. 11 issued in the amount of
$9,500 on July 1 1967 to finance the purchase of certain street
maintenance and police equipment.
3. Library Bonds issued in the amount of $190,000 on January 1,
1966 to finance the construction of the Brooklyn Center Public
Library; and
WHEREAS, all obligations of BOND CONSTRUCTION FUND NO. 1 have been
satisfied and there remains a cash balance of $4;129.38 in the Fund, said cash
balance consisting of unexpended proceeds as follows:
1 Certificates of Indebtedness No. 10, $988.00
2. Certificates of Indebtedness No. 11 $523.00
3. Library Bonds, $2,618.38; and
WHEREAS, Section 7.11 of the City Charter does provide the City Council
with full authority by resolution to make permanent transfers between all funds
which may be created, provided that such transfers are not inconsistent with the
provisions of relevant covenants, the provisions of the City Charter, or State
Statute:
BE IT THEREFORE RESOIVED by the City Council of the City of Brooklyn
Center that the Director of Finance be directed to close the books and records of
BOND CONSTRUCTION FUND NO. 1; to transfer the amount of $4,129.38 to the
CAPITAL PROJECTS FUND; and to assign any investment interest accrued to (but
not yet paid to) the BOND CONSTRUCTION FUND NO. 1 at the time of the closing
of the Fund to the CAPITAL PROJECTS FUND when it is paid.
RESOLUTION NO. 75 -220
November 17, 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.