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<br />C~ <br />CITY OF FALCON HEIGHTS <br />COUNCIL RESOLUTION <br />No. 00-30 <br />Date: December 13, 2000 <br />RESOLUTION REGARDING THE CITY'S $1,580,000 GENERAL OBLIGATION <br />IMPROVEMENT BONDS, SERIES 1999A <br />WHEREAS, the city has issued its $1,580,000 General Obligation Improvement Bonds, Series <br />1999A (the "Bonds"), to which the full faith and credit of the city is pledged; and <br />WHEREAS, the Debt Service Fund for the Bonds (the "Fund") is currently over funded due to <br />prepaid special assessments. The City Council now wishes to provide direction to the City's <br />Finance Director with respect to the source of funds to pay debt service on the Bonds when due <br />in future years; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon Heights, <br />Minnesota: <br />1. For each city fiscal year during the term of the Bonds, the Finance Director shall compute the <br />amount equal to 105% of the debt service to be due and payable on the bonds during that <br />fiscal year. The Finance Director shall then subtract from that figure the amount of funds on <br />hand in the Fund, plus the amount of special assessments, whether paid in installments or <br />prepaid, estimated to be received and deposited during the same fiscal year in the Fund. The <br />difference, if any, shall be the "Debt Service Requirement" for that fiscal year. <br />2. To the extent of excess balances in other city funds and accounts, the Finance Director shall <br />make a recommendation to the City Council regarding whether such excess moneys shall be <br />transferred to the Fund and used to pay debt service on the Bonds in lieu of currently <br />collected property tax revenues of the city. Such recommendation may be framed as a <br />budget amendment, as a separate action of the City Council, or in any other form in which <br />the City Council then takes action. Pending further direction from this Council, the Finance <br />Director shall first consider the use of excess moneys in the Infrastructure Capital <br />Improvement Fund. <br />Moved by: Hustad Approved by:.~ J~1~-G'w~`J .'"~~`"'l <br /> Mayor <br />GEHRZ 5 In Favor December 13, 2000 <br />TALBOT Date <br />HUSTAD 0 Against / <br />LINDSTROM / <br />Attested by: l~'v <br />KUETTEL City Clerk <br /> December 13, 2000 <br />• Date <br />R:\SHARED\Debt Service Resolution 00-30 12 13 OO.doc <br />