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15o <br />CITY OF LINO LAKES <br />RESOLUTION NO. 92 - 88 <br />RESOLUTION AUTHORIZING CITY CLERK TO CLOSE THE LAKES ADDITION NO. 7 CONSTRUCTION <br />FUND DEFICIT BALANCE INTO THE CLOSED BOND FUND <br />WHEREAS: There exists a deficit balance of $17,288.00 in the Lakes Addition <br />No. 7 Construction Fund (550- 49000 -03), <br />WHEREAS: This construction project will never be completed and the areas <br />has been replatted into Lakes Addition No. 8 and No. 9, <br />WHEREAS: A portion of the deficit balance relates to the resolution of a <br />lawsuit against the City by area residents, <br />NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LINO LAKES, <br />MINNESOTA <br />That the balance of $17,288.00 be transferred from the Closed Bond <br />Fund to the Lakes Addition No. 7 Construction Fund and the City <br />Clerk be authorized to close the Lakes Addition No. 7 Construction <br />Fund. <br />Adopted by the Lino Lakes City Council this 27th day of December, 1988. <br />n G. Benso , Mayor <br />1 <br />