HomeMy WebLinkAbout2006-204 Council ResolutionCouncil Member Reinert introduced the following resolution and moved
its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 06 -204
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) $333,265
Area and Unit Fund (406)
$333,265
Adopted by the City Council of Lino Lakes this 11th day of December, 2006.
Bartell, City CI
Joh ': erg son, ayor
The motion for adoption of the foregoing resolution was duly seconded by
Council Member O'Donnell and upon a vote being taken the following voted in
favor thereof: Reinert, O'Donnell, Carlson, Stoltz, Bergeson
The following voted against same: none.
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CONSENT AGENDA ITEM 1F
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/11/06
TOPIC Resolution No. 06 -204 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 06 -204 would transfer the necessary funds from the Area
and Unit Fund to eliminate this deficit.
The amount of the transfer is $333,265.00. It is staff's recommendation that the City
Council approve Resolution 06 -204 authorizing this transfer.
OPTIONS
1. Adopt Resolution 06 -204 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 06 -204.
RECOMMENDATION
Option 1