HomeMy WebLinkAbout2026-067 CCRRESOLUTION NO. 2026-067
A RESOLUTION AUTHORIZING THE CLOSURE OF CERTAIN FUND AND AUTHORIZING THE
TRANSFER OF ANY REMAINING FUND BAL ANCES
WHEREAS, the City of Brooklyn Center, Minnesota (the "City") desire to maintain a
strong financial position for the organization; and
WHEREAS, the maintenance of City funds provides financial transparency and helps
maintain adequate cash flows; and
WHEREAS the City Council recognizes that some funds may no longer be necessary
for the City to maintain; and
WHEREAS, the City established debt service funds for both the Series 2013A (Fund
No. 37500) and Series 2016C (Fund No. 37200) bond issues (the "Bonds"); and
WHEREAS, the City supported principal and interest payments for the Bonds with tax
increments transferred from TIF District No. 3 (Fund No. 27800) and TIF District No. 5 (Fund
No. 28000), respectively, and
WHEREAS, the City satisfied all obligations related to the Bonds and may close their
associated funds and transfer any remaining balances to their respective TIF District funds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn
Center, Minnesota that the Interim City Manager and Interim Finance Director are hereby
authorized to close the debt service funds for the Bonds.
BE IT FURTHER RESOLVED, the Interim Finance Director may transfer the outstanding
fund balances for these closed funds to the following funds as described below.
From Fund To Fund Amount
Series 2013A (37500) TIF District No. 3 (27800) 800.25
Series 2016C (37200) TIF District No. 5 (28000) 1,316.01
Total 2,116.26
BE IT FURTHER RESOLVED, the Interim Finance Director may make any necessary
accounting entries to effectuate this action in accordance with applicable accounting
standards and Minnesota statutes.
7/13/2026
Date Mayor