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CITY OF LINO LAKES RESOLUTION NO. 17-126 RESOLUTION AUTHORIZING THE TRANSFER AND COMMITMENT OF LEGION LAND SALE PROCEEDS WHEREAS, the Governmental Accounting Standards Board's Statement #54 (GASB 54) allows the governing body to formalize the commitment of unassigned fund balance to a specified purpose; and WHEREAS, the City Council is the highest level of decision making authority, and has the authority to commit, assign, or evaluate fund balance classifications and identify the intended uses of committed or assigned funds; and WHEREAS, the committed fund balance classification reflects amounts subject to internal restraints self-imposed by the City of Lino Lakes; and WHEREAS, once the committed fund balance restraints are imposed, it requires the constraint to be removed by the City Council of the City of Lino Lakes prior to redirecting the funds for other purposes; and WHEREAS, council action is required to formalize the commitment of the funds. NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes, that the net sale proceeds of $88,352 from the American Legion land sale be transferred to the Economic Development Fund and committed to future economic development opportunities subject to the council's discretion. Adopted by the Council of the City of Lino Lakes this 13th day of November, 2017. The motion for the adoption of the foregoing resolution was introduced by Council Member Manthey and was duly seconded by Council Member Kusterman and upon vote being taken thereon, the following voted in favor thereof: Manthey, Kusterman, Maher, Rafferty, Rrre'rt The following voted against same: none ATTEST: e Bartell, City Cle Jeff Reinert •