HomeMy WebLinkAbout2006-203 Council Resolution•
Council Member Reinert introduced the following resolution and moved
its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 06 -203
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE WATER OPERATING FUND FOR PAYMENT OF 1996B G.O.
WATER REVENUE BOND
WHEREAS, a transfer was budgeted in 2006 to the Water Operating Fund from the Area
and Unit Fund to cover principal and interest on the 1996B G.O. Water
Revenue Bonds due in 2006, and
WHEREAS, it is staffs recommendation that this transfer be completed effective
December 31, 2006.
NOW, THEREFORE BE IT RESOLVED by the City Council of Lino Lakes, that the
following transfer be authorized and recorded effective December 31, 2006:
Increase Decrease
Water Operating Fund (601) $299,725
• Area and Unit Fund (406)
•
$299,725
Adopted by the City Council of Lino Lakes this 11th day of December, 2006.
e Bartell, Cit Cler
Joh► :erg _:on, ayor
The motion for adoption of the foregoing resolution was duly seconded by
Council Member O'Donnell and upon a vote being taken thereon the following
voted in favor thereof: Reinert, O'Donnell, Carlson, Stoltz, Bergeson.
The following voted against same: none.
•
•
AGENDA ITEM 1 E
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/11/06
TOPIC Resolution No. 06 -203 Authorizing the Transfer of funds
from Area and Unit Fund to the Water Operating Fund
VOTE REQUIRED Simple Majority
BACKGROUND
Each year a transfer is budgeted from the Area and Unit Fund to the Water Operating
Fund to pay principal and interest on the 1996B G.O. Water Revenue Bonds. This
transfer is a part of the funding mechanism set up in the original bond documents. The
amount of the transfer is $299,725. It is staff's recommendation that Council authorize
this transfer as budgeted.
OPTIONS
1. Adopt Resolution 06 -203.
2. Refer back to Staff for further consideration.
3. Deny Resolution 06 -203.
RECOMMENDATION
Option 1