HomeMy WebLinkAbout1997-050 CCRMember k44hken OAnMOJI introduced the following resolution and moved
. its adoption:
RESOLUTION NO. 7 — 5-0
RESOLUTION CLOSING THE TAX INCREMENT BONDS OF 1985 DEBT
SERVICE FUND AND TRANSFERRING ITS REMAINING ASSETS TO THE
FFUNDING TAX INCR .MFNT BONDS OF 1992 DEBT SERVICE FUND
WHEREAS, Section 7.11 of the City Charter provides the City Council with the
authority to order the creation of such funds as may be needed to properly account for the
financial activities of the City; and
WHEREAS, Section 7.11 of the City Charter provides the City Council with full
authority to make transfers between all funds which may be created, provided that such
transfers are not inconsistent with the provisions of related covenants, the provisions of the City
Charter, or State Statutes.
WHEREAS, there now exists the Tax Increment Bonds of 1985 which was
established in the 1985 to account for the payment of principal and interest costs of these bonds;
and
• WHEREAS, the City sold the Refunding Tax Increment Bonds of 1992 to refinance
this debt and take advantage of declining interest rates; and
WHEREAS, the proceeds of the 1992 bonds were held in escrow until February 1,
1996 when it was possible to call the 1985 bonds; and
WHEREAS, the 1996 budget provided for the transfer of the remaining balance of
the Tax Increment Bonds of 1985 Debt Service Fund to the Refunding Tax Increment Bonds
of 1992 Debt Service Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, as follows:
1. That the classification of funds shall be amended to delete the Tax Increment Bonds
of 1985 Debt Service Fund.
2. Any remaining assets of the Tax Increment Bonds of 1985 Debt Service Fund,
including interest through December 31, 1996 when it is allocated, will be
transferred to the Refunding Tax Increment Bonds of 1992 Debt Service Fund as
of December 31, 1996.
•
RESOLUTION NO. I7— 5D
•
31►0 l igg �
Date Mayor
ATTEST:
-"-Ym��
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Ro berg- Peppe- , and upon vote being taken thereon, the following voted in favor
thereof:
(YiyrrcKaL4sm0b�f 10eeK9s�aCny, ,
and the following voted against the same: /None
whereupon said resolution was declared duly passed and adopted.
•
0