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Home My WebLink About2006-205 Council ResolutionCouncil Member Reinert introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 06 -205 RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND UNIT FUND TO THE 1999A G.O. IMPROVEMENT BOND DEBT SERVICE FUND WHEREAS, The 1999A Bond Debt Service Fund has a deficit balance, and WHEREAS, these bonds were originally sold to finance the West Central Trunk, and WHEREAS, resources of the Area and Unit Fund were pledged toward the retirement of the 1999A Bond issue, and WHEREAS, a transfer is made annually from the Area and Unit Fund to the 1999A Bond Debt Service Fund to cover debt service payments. NOW THEREFORE BE IT RESOLVED, that the following transfer be adopted: Increase Decrease Imp. Bonds 1999A (320) $359,680 Area and Unit Fund (406) $359,680 Adopted by the City Council of Lino Lakes this 11th day of December, 2006. Julian e Bartell, City,Clerk Joh ': erge on, : yor The motion for adoptoin 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 • • • CONSENT AGENDA ITEM 1G STAFF ORIGINATOR Al Rolek MEETING DATE 12/11/06 TOPIC Resolution No. 06 -205 Authorizing the Transfer of Funds from the Area And Unit Fund to the 1999A G.O. Improvement Bond Debt Service Fund VOTE REQUIRED Simple Majority BACKGROUND Each year a transfer is made into the 1999A Bond Fund to cover the deficit balance. These bonds were originally sold to finance the West Central Trunk. In 1995, funds were transferred to the Area and Unit Fund from TIF funds to defray the cost of the trunk. The transfer is to cover the fund balance deficit. The amount of the transfer is $359,680. OPTIONS 1. Adopt Resolution 06 -205 transferring funds from the Area and Unit fund to the 1999A G.O. Improvement Bond fund. 2. Refer back to Staff for further consideration. 3. Deny Resolution 06 -205. RECOMMENDATION Option 1.