HomeMy WebLinkAbout2009-109 Council Resolution•
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Council Member Reinert introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 09-109
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 2005B G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, the 2005B Bond Debt Service Fund has a deficit balance; and,
WHEREAS, a portion of this issue refunded the original 1998A bond issue, and
WHEREAS, these bonds were originally sold to finance 1997 and 1998 Construction
Projects, and
WHEREAS, resources of the Area and Unit Fund were pledged toward the retirement of
the 1998A Bond issue.
NOW THEREFORE BE IT RESOLVED, that the following transfer be adopted:
Increase
Imp. Bonds 2005B (328) $447,400
Area and Unit Fund (406)
Decrease
$447,400
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member Gallup and upon vote being taken thereon, the following voted in favor
thereof:
Reinert, Gallup, O'Donnell, Roeser, Bergeson
The following voted against same:
none
Whereupon said resolution was declared duly passed and adopted.
Adopted by the City Council of Lino Lakes this 14th day of December 2009.
Bartell, City CI
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CONSENT AGENDA ITEM 1F
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/14/09
TOPIC Resolution No. 09 -109 Authorizing the Transfer of Funds from the
Area and Unit Fund to the 2005B G.O. Improvement Bond Debt
Service Fund
VOTE REQUIRED Simple Majority
BACKGROUND
The 1998A Debt Service Fund was established to service the debt on the 1997 and 1998
improvement projects. The 1998A issue was subsequently refunded by the 2005B issue. The
original debt was to be retired using special assessments to benefited properties and resources
of the Area and Unit Fund. In some instances, special assessments may be deferred until the
affected property develops, leaving a trunk fund or another fund to temporarily fund the debt
service. Because of this, the 2005B fund is currently in a deficit situation. Resolution No. 09-
109 would transfer the necessary funds from the Area and Unit Fund to temporarily fund the
debt service and eliminate this deficit.
The amount of the transfer is $447,400.00. It is staff's recommendation that the City Council
approve Resolution No. 09 -109 authorizing this transfer.
OPTIONS
1. Adopt Resolution No. 09 -109.
2. Refer back to Staff for further consideration.
3. Deny Resolution No. 09 -109.
RECOMMENDATION
Option 1