HomeMy WebLinkAboutCCRes_01-29• 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.
•
2. All assessments for the 2001 Alley Improvement Project now
on hand, whether paid as scheduled or prepaid, shall be
transferred to the 1999 NE Quadrant Improvement Bond Fund and
applied to pay the 1999 Bonds. All such assessments received in
the future shall be similarly deposited in the 1999 NE Quadrant
Improvement Bond Fund and applied to payment of the 1999 Bonds.
Moved b Lindstrom A roved b ~~ ~~
Y PP Y
Mayor
November 14, 2001
GEHRZ Date
KUETTEL 5 For
LAM B
LINDSTROM o Against Attested by:
TALBOT City Administrator
November 14, 2001
Date
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