HomeMy WebLinkAbout2010-107 Council Resolution•
Council Member Gallup introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 10 -107
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 2003A G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, a portion of the 2003A bond issue refunded the original 1996A bond issue,
and
WHEREAS, the refunded portion of this bond issue was originally sold to finance 1996
Construction Projects, and
WHEREAS, resources of the Area and Unit Fund were pledged toward the retirement of
the 1996A bond issue.
NOW THEREFORE BE IT RESOLVED, that the following transfer be adopted:
Increase Decrease
Imp. & Refunding Bonds 2003A (324) $79,581.00
Area and Unit Fund (406)
$79,581.00
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member Roeser and upon vote being taken thereon, the following voted in favor
thereof:
Gallup, Roeser, Rafferty, O'Donnell, Reinert
The following voted against same:
none
Whereupon said resolution was declared duly passed and adopted.
Adopted by the City Council of Lino Lakes this 13th day • ! - - • be i 1
AA
Jeff Rein: , .yor
ne Bartell, Ci Cle
CONSENT AGENDA ITEM 1 E
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/13/10
TOPIC Resolution No. 10 -107 Authorizing the Transfer of Funds
from the Area and Unit Fund to the 2003A G.O.
Improvement Bond Debt Service Fund
VOTE REQUIRED Simple Majority
BACKGROUND
The 2003A Debt Service Fund was established to service the debt on several 2003
improvement projects and to refund the 1996A bond issue. The 1996A debt was to be
retired using special assessments and resources of the Area and Unit Fund. Resolution
No. 10 -107 would transfer the necessary funds from the Area and Unit Fund for 2010
debt service needs.
The amount of the transfer is $79,581.00. It is staff's recommendation that the City
Council approve Resolution No. 10 -107 authorizing this transfer.
II OPTIONS
1. Adopt Resolution No. 10 -107.
2. Refer back to Staff for further consideration.
3. Deny Resolution No. 10 -107.
RECOMMENDATION
Option 1