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A RESOLUTION AUTHORIZING THE CLOSURE OF <br />FUND 403 STATE AID ROADS, FUND 458 STREET OVERLAY, AND <br />FUND 500 CLOSED BOND <br />AND TRANSFERRING THE REMAINING BALANCES TO <br />FUND 450 INFRASTRUCTURE CIP FUND <br />WHEREAS, <br />These funds have previously been used to finance infrastructure <br />improvements; and, <br />WHEREAS, <br />Creation of one fund to finance future infrastructure <br />improvements would enhance financial planning and simplify <br />posting of activity; and, <br />WHEREAS, <br />The remaining fund balances for these funds are as follows: <br />Fund 403 is $367,153.22 <br />Fund 458 is $222,092.64 <br />Fund 500 is $322,148.07 <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 <br />balances to the newly created Infrastructure CIP Fund (Fund 450) <br />and the closure of Funds 403, 458, and 500, retroactive to <br />December 31, 1996; <br />The motion for the adoption of the foregoing resolution was <br />seconded by Council Member and upon vote taken <br />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 />2/13/97 <br />Page 39 <br />