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MINUTES <br />CITY COUNCIL <br />JULY 16, 1992 <br />The City Administrator pointed out that these funds may <br />need to be used in situations where a watermain is <br />installed and the City only has the ability to assess <br />one side. <br />Voto reviewed the Agency Funds and outlined the <br />positive steps which the City took to resolve the <br />situation with the Developer Deposit Fund. These steps <br />are outlined on page 44 of the report. <br />Voto reviewed the summary of recommendations detailed <br />in the Management Report and Recommendations on page <br />47. These are as follows: <br />*Monitor Franklin U.S. Government Securities Fund <br />closely and redeem this investment at the most <br />opportune time. <br />*Monitor the TIF District 1-3 delinquent balance to <br />insure full and timely financing for the bond issue. <br />*COntinue to maintain complete updated subsidiary <br />listings of special deferred assessments. <br />*Review the park charge receivable and the <br />development status of the underlying property. <br />*Monitor the progress of the potential State actions <br />and take defensive measures to protect the City <br />from further financial orisis. <br />*Close the Improvement Bonds of 1984 Fund and transfer <br />the remaining assets to the Closed Bond Fund in <br />accordance with City policy. <br />Voto then reviewed the Capital Project Funds report in <br />detail. It was noted that there is a fund balance of <br />$14,656 for the Little Canada School Improvements Fund. <br />Voto recommended that this fund be closed and the <br />remaining balance transferred. <br />Scalze noted that this fund was made up of donated <br />money, and the donors have requested that the remaining <br />principle balance be used for a marking or landscaping <br />in front of the old fire station. <br />The City Administrator recommended that the principle <br />balance be transferred to the 10o Gambling Fund, and <br />interest income transferred to the General Capital <br />Improvement fund. <br />Voto noted that as of December 31, 1991 there was a <br />balance of $141,327 in the Fire Station Construction <br />Fund. This fund is subject to a$43,000 disputed claim <br />with the Construction Manager. <br />Page 4 <br />