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• No. 01-29 CITY OF FALCON HEIGHTS COUNCIL RESOLUTION Date: November 14, 2001 RESOLUTION WITH RESPECT TO THE 1999 STREET IMPROVEMENT PROJECT AND THE 2001 ALLEY IMPROVEMENT PROJECT; TRANSFERRING FUNDS WHEREAS: A. The City has previously issued its General Obligation Improvement Bonds, Series 1999A (the "1999 Bonds") primarily to finance the cost of certain street improvements; and B. Unspent proceeds of the 1999 Bonds remain in the 1999 NE Quadrant Street Improvement Capital Fund created in connection therewith, and the City is permitted by law and by the resolution pursuant to which the 1999 Bonds were issued to apply those . unspent proceeds to other capital projects; and C. The City has Alley Improvement such improvements against benefited have been prepaid unless prepaid; a; ordered certain Project, and in has assessed a property, and a and the balance zd improvements known as the 2001 accord with City policy for portion of the cost thereof portion of those assessments will be paid as scheduled D. The City now wishes to use the unspent proceeds of the 1999 Bonds to pay the costs of the 2001 Alley Improvement Project, and to transfer the prepaid assessments, and assessments to be received, for that project to the 1999 NE Quadrant Improvement Bond Fund to be utilized to pay the 1999 Bonds; NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon Heights, as follows: 1. All funds now held in the 1999 NE Quadrant Street Improvement Capital Fund shall be transferred to the 2001 Alley Improvement Fund, and the 1999 NE Quadrant Street Improvement Capital Fund shall be closed. The funds so transferred shall be applied to pay the costs of the 2001 Alley Improvement Project. Upon payment of all costs of the 2001 Alley Improvement project, the 2001 Alley Improvement Capital Fund shall be closed and any • remaining funds shall be transferred to the 1999 NE Quadrant Improvement Bond Fund.