HomeMy WebLinkAbout1991-031 EDAR1
Commissioner Dave Rosene introduced the following
resolution and moved its adoption:
EDA RESOLUTION NO. 91 -31
RESOLUTION AMENDING THE 1991 ECONOMIC DEVELOPMENT AUTHORITY
BUDGET FOR THE DEBT SERVICE TRANSFER OF THE EARLE BROWN FARM
TAX INCREMENT FINANCING DISTRICT FUND
WHEREAS, the debt service transfer related to the tax increment
bonds of 1991 was budgeted at $400,000.00. The actual current year
transfer amount includes the 1991 interest payment and funds equal to
the 1992 principal and interest payments. The 1992 funds establish a new
debt service fund and will be used to pay the 1992 debt service amounts.
WHEREAS, the 1991 interest and fiscal agent charges total
$143,532. The 1992 principal and interest payments total $585,200.00.
The total transfer needed for 1991 is $728,732.00.
NOW, THEREFORE BE IT RESOLVED by the Economic Development
Authority of Brooklyn Center to amend the 1991 Earle Brown Farm Tax
Increment District Fund as follows:
Increase appropriations for the following line item:
Debt Service Transfer $328,732.00
December 2, 1991
Date
The motion for the adoption of the forgoing
by commissioner Celia Scott and upon
the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene,
and the following voted against the same:
whereupon said resolution was declared duly
Todd Paulson, President
resolution was duly seconded
vote being taken thereon,
and Philip Cohen;
none,
passed and adopted.