HomeMy WebLinkAbout2011-120 Council Resolution•
Council Member GALLUP introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 11 -120
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) $396,012
Area and Unit Fund (406)
$396,012
The motion for the adoption of the foregoing resolution was duly seconded by Council Member _
o pon vote being taken thereon, the following voted in favor thereof:
Gallup, O'Donnell, Rafferty, Roeser, 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 28th day of
Juliann Bartell, City Clerk
Jeff Reinert, a
•
•
CONSENT AGENDA ITEM IF
STAFF ORIGINATOR Al Rolek
MEETING DATE 11/28/11
TOPIC Resolution No. 11 -120 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 11 -120
would transfer the necessary funds from the Area and Unit Fund to eliminate this deficit.
The amount of the transfer is $396,012.00. It is staff's recommendation that the City Council
approve Resolution 11 -120 authorizing this transfer.
OPTIONS
1. Adopt Resolution 11 -120.
2. Refer back to Staff for further consideration.
RECOMMENDATION
Option 1