HomeMy WebLinkAbout1972-161 CCRMember Maurice Britts introduced the following resolution
and moved its adoption:
RESOLUTION NO. 72 -161
RESOLUTION TO TRANSFER SURPLUS FUNDS FROM VARIOUS
SPECIAL ASSESSMENT FUNDS 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 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 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, 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
did anticipate the transfer of $60,000 in 1969, $31,000 in 1970,
and $75,000 in 1971 to the Capital Projects Fund; and
WHEREAS, to date, the Council has transferred the amount of
$87,000 from the Special Assessments Funds to the Capital Projects
Fund in accordance with the financial plan; and
WHEREAS, there now exists accumulated cash surpluses in
Special Assessment Fund No. 8 (1956B Fund), and Special Assessment
Fund No. 9 (1957 AB Fund) in the amount of $57,000; and
WHEREAS, all obligations of the above mentioned funds have
been satisfied and no bonds are outstanding in the funds, and that
the accumulated cash surpluses are primarily a result of the interest
earned on the investment of special assessment pre payments and
annual assessment levies:
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 $25,000 from Special Assessment Fund No. 1, the
amount of $9,000 from Special Assessment Fund No. 8 (1956 B Fund),
and the amount of $23,000 from Special Assessment Fund No. 9
(1957 AB Fund).
1
Resolution No. 72-161
ATTEST:
September 11, 1972
Date
Clerk
Mayor
The motion for the adoption of the foregoing resolution was duly
seconded by member Vernon Ausen, and upon vote being taken
thereon, the following voted in favor thereof: John Leary,
Vernon Ausen, Howard Heck and Maurice Britts;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.