HomeMy WebLinkAbout2012-119 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 12 -119
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 2005B G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, the 2005B Bond Debt Service Fund has a deficit balance; and,
WHEREAS, a portion of this issue refunded the original 1998A bond issue, 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 2005B (328) $375,078
Area and Unit Fund (406)
$375,078
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 Clerk
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CITY COUNCIL
CONSENT AGENDA ITEM lE
STAFF ORIGINATOR Al Rolek
MEETING DATE December 10, 2012
TOPIC Resolution No. 12 -119 Authorizing the Transfer of Funds from the
Area and Unit Fund to the 2005B 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 1998A issue was subsequently refunded by the 2005B bond issue.
The original debt was to be retired using special assessments to benefited properties and
resources of the Area and Unit Fund. The 2005B fund is currently in a deficit situation.
Resolution 12 -119 would transfer the necessary funds from the Area and Unit Fund to eliminate
this deficit. The amount of the transfer is $375,078.00.
RECOMMENDATION
Staff recommends approval of Resolution 12 -119.
ATTACHMENTS
Resolution 12 -119.