HomeMy WebLinkAbout1997-070 CCRMember Debra iii 15- r-cM introduced the following resolution and moved
• its adoption:
RESOLUTION NO. q
RESOLUTION CLOSING THE SPECIAL ASSESSMENT REFUNDING BONDS
OF 1987 DEBT SERVICE FUND AND TRANSFERRING ITS REMAINING
ASSETS TO THE SPECIAL ASSESSMENT CONSTRUCTION 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; and
WHEREAS, there now exists the Special Assessment Refunding Bonds of 1987 debt
service fund which was established in the 1987 to account for the payment of principal and
interest costs of these bonds; and
. WHEREAS, the City made the final payment of principal and interest on these bonds
on February 1, 1997; and
WHEREAS, there is a remaining balance of cash and special assessments receivable
of approximately $357,000 after the February 1, 1997 payment; and
WHEREAS, it would be most appropriate to the transfer of the remaining balance
of the Special Assessment Refunding Bonds of 1987 Debt Service Fund to the Special
Assessment Construction 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 Special Assessment
Refunding Bonds of 1987 Debt Service Fund.
2. Any remaining assets of the Special Assessment Refunding Bonds of 1987 Debt
Service Fund, including interest through February 1, 1997 when it is allocated, will
be transferred to the Special Assessment Construction Fund as of February 1, 1997.
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RESOLUTION NO. — 70
H IM -1
Date
ATTEST:
," Yv�
City Clerk
Yk"tayor
The motion for the adoption of the foregoing resolution was duly seconded by member
�<AAWeen C61rMcJ4 , and upon vote being taken thereon, the following voted in favor
thereof: � e" N i 10ftr+ KA Las ren �o bei'+ N 2
1M�rna Kra9ness, }<aiween 04rma�I , i I PP
and the following voted against the same: Yy bhe_
whereupon said resolution was declared duly passed and adopted.