HomeMy WebLinkAbout1972-201 CCR1
Member John Leary introduced the following resolution
and moved its adoption:
RESOLUTION NO. 72 -201
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 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 Projects Fund; and
WHEREAS, the above mentioned Capital Projects Finance Plan did
anticipate the transfer of $60,000 in 1969, $31,000 in 1970, $75,000
in 1971, and $61,000 in 1972 to the Capital Projects Fund; and
WHEREAS, to date, the Council has transferred the amount of
$144,000 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. 6 (1955A Fund), Special Assessment Fund No. 7
(1956C Fund), and Special Assessment Fund No. 11 (1958B Fund) in the
amount of $133,000; and
WHEREAS, all obligations of the above mentioned Funds have been
satisfied and all bonds in the Funds have been paid or called for
payment, and that the accumulated cash surpluses are primarily a
result of the interest earned on the investment of special assessment
prepayments and annual assessment levies:
De AmhPr 1 R, 1 977 r
Date Mayor
Resolution No. 72 -201
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 $60,000 from Special Assessment Fund No. 6 (1955A Fund),
the amount of $43,000 from Special Assessment Fund No. 7 (1956C Fund),
and the amount of $30,000 from Special Assessment Fund No. 11 (1958B
Fund).
ATTEST:
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: Philip Cohen,
John Leary, Vernon Ause HowardHeck, and Maurice Britts;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.