HomeMy WebLinkAbout2008-136 Council Resolution•
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Council Member c.al1L,p introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 08 -136
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 Decrease
Imp. Bonds 2005B (328) $460,098
Area and Unit Fund (406)
$460,098
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member Stoltz and upon vote being taken thereon, the following voted in favor
thereof:
Gallup, Stoltz, ReIlnert, O'Donnell, 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 8th day of December 2008.
Bartell, City Jerk
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CONSENT AGENDA ITEM 1 E
STAFF ORIGINATOR: Al Rolek
MEETING DATE: 12/8/08
TOPIC:
Resolution No. 08 -136 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. The 2005B fund is
currently in a deficit situation. Resolution 08 -136 would transfer the necessary funds
from the Area and Unit Fund to eliminate this deficit.
• The amount of the transfer is $460,098.00. It is staff's recommendation that the City
Council approve Resolution 08 -136 authorizing this transfer.
OPTIONS
1. Adopt Resolution No. 08 -136.
2. Refer back to Staff for further consideration.
3. Deny Resolution No. 08 -136.
RECOMMENDATION
Option 1
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