HomeMy WebLinkAbout1975-221 CCR Member Maurice Britts introduced the following resolution and moved its
adoption:
RESOLUTION NO. 75 -221
RESOLUTION TO AUTHORIZE THE CLOSING OF THE CERTIFICATES
OF INDEBTEDNESS DEBT RETIREMENT FUND AND TO TRANSFER
ITS FUNDS TO THE CAPITAL PROTECTS FUND
WHEREAS, the City of Brooklyn Center does maintain a "CERTIFICATE OF
INDEBTEDNESS DEBT RETIREMENT FUND" to provide accounting for the collection
of taxes levied which were used to retire certificates of indebtedness issued to
finance certain street maintenance and construction and police equipment; and
WHEREAS, the obligations for which the levies were made have all been
redeemed and all obligations of the Fund have been satisfied and there remains
a cash balance of $11,428.03 and delinquent taxes receivable in the amount of
$411.02 in the Fund; and
WHEREAS, this surplus has resulted from statutory excess general tax
levy requirements; 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 RESOLVED by the City Council of the City of Brooklyn
Center that the Director of Finance be directed to close the books and records
of the CERTIFICATES OF INDEBTEDNESS DEBT RETIREMENT FUND; to transfer
the amount of $11,428.03 to the CAPITAL PROJECTS FUND; to assign the future
collections of delinquent taxes to the Fund to the CAPITAL PROJECTS FUND; and
to assign any investment interest accrued to (but not yet paid to) the Fund at the
time of the closing of the Fund to the CAPI EC FUND when it is paid.
November 17, 1975
Date Mayor
ATTEST:Z��>
C- Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
member Tony Kuefler 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.