10-07-87 Council Special Minutes

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MINUTES City Council October• 7, 1987 Closed Bond Fahey noted that the City Auditor~ is r•ecommending the City establish Fund a Closed 6ond Fund. This fund would contain r•emaining balances fr~om bonds which have been paid in full as well as connection char•ges. Blesener~ pointed out that the monies in this fund could be used to finance impr~ovement pr~ojects r~ather~ than thr~ough bonding. Mr•. LaValle intr•oduced the following r•esolution and moved its adoption: RESOLUTION N0. 87-10-474 - ESTABLISNING A CLOSED BOND FU~1D The for•egoi ng r•esol uti on was duly seconded by Mr~. Bl esener•. Ayes (5) LaValle, Blesener, Scalze, Fahey, Collova. Nays (0). Resolution declar~ed adopted. This r~esolution appear•s in Resolution Book No. 18, Page 501. Par~k Fahey r~epor•ted that it is the Auditor•'s r~ecommendation that the City Development establish a Park Development Fund. This fund would contain monies Fund r•eceived fr•om char•itable gambling oper•ations conducted in the City as well as other other sources. Fahey noted that expenditures fr•om this fund will be specifically dir~ected by the Council for• par•k development pur•poses. Mr•s. Scalze intr~oduced the following r•esolution and moved its adoption: RESOLUTION N0. 87-10-475 - ESTABLISHING A PARK DEVELOPMENT FUND The for~egoing r•esolution was duly seconded by Mr~. LaValle. Ayes (5) Fahey, Scalze, LaValle, Blesener, Collova. Nays (0). Resolution declar~ed adopted. This r•esolution appear~s in Resolution Book No. 18, Page 502. Park Fahey pointed out that the into the Gity's Park Acquisition Fund Acquisition shall be cr~edited all par•k per•mits the City has r•eceived fr•om Fund developer•s and will r•eceive in the futur•e. Also par•k per•mit fees will be cr~edited to this account. Mr~. Blesener• intr•oduced the following r•esolution and moved its adoption: RESOLUTION N0. 87-10-476 - ESTABLISHING A PARK ACQUISITION FUND Page -7-