HomeMy WebLinkAbout2013-127 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 13 -127
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 2005B G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, a portion the 2005B Bond 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) $347,600.00
Area and Unit Fund (406)
$347,600.00
Adopted by the Council of the City of Lino Lakes this 9th day of December, 2013.
The motion for the adoption of the foregoing resolution was introduced by Council Member
O' Donnell and was duly seconded by Council Member Roeser and upon vote being
taken thereon, the following voted in favor thereof:
O'Donnell, Roeser, Rafferty, Stoesz, Reinert
The following voted against same:
none
ATTEST:
Juli. e Bartell, City erk
CITY COUNCIL
CONSENT AGENDA ITEM 1D
• STAFF ORIGINATOR Al Rolek
MEETING DATE December 9, 2013
TOPIC Resolution No. 13 -127 Authorizing the Transfer of Funds from the Area
and Unit Fund to the 2005B G.O. Improvement Bond Debt Service Fund
VOTE REQUIRED
BACKGROUND
Simple Majority
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. .
Resolution 13 -127 would transfer the necessary funds from the Area and Unit Fund to maintain debt
service requirements. The amount of the transfer is $347,600.00.
RECOMMENDATION
Staff recommends approval of Resolution 13 -127.
ATTACHMENTS
• Resolution 13 -127.
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