HomeMy WebLinkAbout1970-047 CCR Member Howard Heck introduced the following resolution
and moved its adoption:
RESOLUTION NO. 70 -47
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 sources of revenue for the Fund
would consist of ad valorem taxation, transfers by the Council cf 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 Projects
Fund. It was determined that these funds were to be used along with proceeds of
a bond sale which was authorized by the electorate on November 5, 1968 to finance
certain civic improvements which included a civic center, municipal service
buildings and the acquisition and betterment of parks and playgrounds and
WHEREAS, the above mentioned Capital Projects Finance Plan did
anticipate the transfer of $60, 000.00 in 1969 and $31, 000. 00 in 1970 to the
Capital Projects Fund; and
WHEREAS, no transfer of funds was made in 1969; and
WHEREAS, there now exists accumulated cash surpluses in Special
Assessment Fund No. 8 (1956 B Fund) and Special Assessment Fund No. 9 (1957
AB Fund) in the amount of $88, 000. 00; 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 resulti 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 $74, 000.00 from
Special Assessment Fund No. 9 (1957 AB Fund) and the amount of $13,000.00 from
Special Assessment Fund No. 8 (1956 B Furla,
April 13, 1970
Date Mayor
ATTEST:_ /i
Clerk