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