HomeMy WebLinkAbout2012-118 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 12 -118
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 2003A G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, a portion of the 2003A bond issue refunded the original 1996A bond issue, and
WHEREAS, the refunded portion of this bond issue was originally sold to finance 1996
Construction Projects, and
WHEREAS, resources of the Area and Unit Fund were pledged toward the retirement of the
1996A bond issue.
NOW, THEREFORE, BE IT RESOLVED, that the following transfer be adopted:
Increase Decrease
Imp. & Refunding Bonds 2003A (324) $80,538.00
Area and Unit Fund (406)
$80,538.00
• Adopted by the Council of the City of Lino Lakes this 10th day of December, 2012.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Roeser and was duly seconded by Council Member Rafferty and upon vote being
taken thereon, the following voted in favor thereof:
Roeser, Rafferty, O'Donnell, Stoesz, Reinert
The following voted against same:
none
ATTEST:
Juli. e Bartell, City Cl rG k
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CITY COUNCIL
AGENDA ITEM 1D
STAFF ORIGINATOR Al Rolek
MEETING DATE December 10, 2012
TOPIC Resolution No. 12 -118 Authorizing the Transfer of Funds from the
Area and Unit Fund to the 2003A G.O. Improvement Bond Debt
Service Fund
VOTE REQUIRED Simple Majority
BACKGROUND
The 2003A Debt Service Fund was established to service the debt on several 2003 improvement
projects and to refund the 1996A bond issue. The 1996A debt was to be retired using special
assessments and resources of the Area and Unit Fund. Resolution No. 12 -118 authorizes the
transfer of necessary funds from the Area and Unit Fund for 2012 debt service needs. The
amount of the transfer is $80,538.00.
RECOMMENDATION
Staff recommends that the City Council approve Resolution No. 12 -118.
ATTACHMENTS
Resolution 12 -118.