HomeMy WebLinkAbout2013-129 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 13 -129
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 2012A G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, a portion of the 2012A 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) $78,438.00
Area and Unit Fund (406)
$78,438.00
Adopted by the Council of the City of Lino Lakes this 25th day of November, 2013.
The motion for the adoption of the foregoing resolution was introduced by Council Member
O' Donnell and was duly seconded by Council Member p- 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:
a e Bartell, Cit Cler
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CITY COUNCIL
AGENDA ITEM IF
STAFF ORIGINATOR Al Rolek
MEETING DATE December 9, 2013
TOPIC Resolution No. 13 -129 Authorizing the Transfer of Funds from the
Area and Unit Fund to the 2012A G.O. Improvement Bond Debt
Service Fund
VOTE REQUIRED Simple Majority
BACKGROUND
A portion of the 2012A Debt Service Fund refunded the original 1996A bond issue. The 1996A
debt was to be retired using special assessments and resources of the Area and Unit Fund.
Resolution No. 13 -129 authorizes the transfer of necessary funds from the Area and Unit Fund
for 2013 debt service needs. The amount of the transfer is $78,438.00.
RECOMMENDATION
Staff recommends that the City Council approve Resolution No. 13 -129.
• ATTACHMENTS
Resolution 13 -129.
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