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A RESOLUTION AUTHORIZING THE CLOSURE OF <br />FUND 501 SEWER BONDS OF 1966 & 1967 <br />AND TRANSFERRING THE REMAINING FUND BALANCE TO <br />FUND 450 INFRASTRUCTURE CAPITAL IMP. FUND <br />WHEREAS, <br />The debt service obligations of the $1,600,000 G.O. Sanitary Sewer Imp. Bonds of 1966 and the <br />$1,300,000 G.O. Sanitary Sewer Imp. Bonds of 1967 (Debt Service Fund 501) have been <br />completed; and, <br />WHEREAS, <br />The remaining fund balance for Fund 501 is $455,944.54; <br />NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LITTLE <br />CANADA, MINNESOTA <br />That Council hereby authorizes the transfer of the remaining fund balance to the Infrastructure <br />Capital Improvement Fund (Fund 450) and the closure of Fund 501, retroactive to December 31, <br />1998; <br />The motion for the adoption of the foregoing resolution was seconded by Council Member <br />and upon vote taken thereon, the following voted in favor thereof: <br />Fahey, LaValle, Morelan, Pedersen, and Scalze; <br />and the following voted against the same: None. <br />Whereupon said resolution was declared duly passed and adopted. <br />2/8/99 <br />Page 7 <br />