HomeMy WebLinkAbout2005-189 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 05-189
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 1998A G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, The 1998A Bond Debt Service Fund has a deficit balance, 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 1998A (318) $375,000
Area and Unit Fund (406)
$375,000
Adopted by the City Council of Lino Lakes this 12th day of December, 2005.
Julianne Bartell, Ci y C k
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CONSENT AGENDA ITEM 1D
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/12/05
TOPIC Resolution No. 05 -189 Authorizing the Transfer of Funds
from the Area and Unit Fund to the 1998A 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 debt was to be retired using special assessments to
benefited properties and resources of the Area and Unit Fund. This fund is currently in
a deficit situation. Resolution 05 -189 would transfer the necessary funds from the Area
and Unit Fund to eliminate this deficit.
The amount of the transfer is $375,000. It is staff's recommendation that the City
Council approve Resolution 05 -189 authorizing this transfer.
OPTIONS
1. Adopt Resolution 05 -189 Transferring funds from the Area and Unit fund to the
1998A G.O. Improvement Bond fund to eliminate the deficit.
2. Refer back to Staff for further consideration.
3. Deny Resolution 05 -189.
RECOMMENDATION
Option 1