HomeMy WebLinkAbout2007-200 Council Resolution• Council Member
adoption: Carlson introduced the following resolution and moved its
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CITY OF LINO LAKES
RESOLUTION NO. 07-200
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE WATER OPERATING FUND FOR PAYMENT OF 1996B G.O.
WATER REVENUE BOND
WHEREAS, a transfer was budgeted in 2007 to the Water Operating Fund from the Area
and Unit Fund to cover principal and interest on the 1996B G.O. Water
Revenue Bonds due in 2007, and
WHEREAS, it is staff's recommendation that this transfer be completed effective December
31, 2007.
NOW, THEREFORE BE IT RESOLVED by the City Council of Lino Lakes, that the
following transfer be authorized and recorded effective December 31, 2007:
Increase Decrease
Water Operating Fund (601) $141,199
Area and Unit Fund (406)
$141,199
The motion for the adoption of the foregoing resolution was duly seconded by Council
Member Stoltz and upon vote being taken thereon, the following voted in favor
thereof:
Carlson, Stoltz, O'Donnell, Reinert, Bergeson
The following voted against same:
none
Whereupon said resolution was declared duly passed and adopted.
Adopted by the City Council of Lino Lakes this 10th day of December, 2007.
n e Bartell, City Cle
J n Berr'son, ayor
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AGENDA ITEM 1C
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/10/07
TOPIC Resolution No. 07 -200 Authorizing the Transfer of funds from
Area and Unit Fund to the Water Operating Fund
VOTE REQUIRED Simple Majority
BACKGROUND
Each year a transfer is budgeted from the Area and Unit Fund to the Water Operating Fund to
pay principal and interest on the 1996B G.O. Water Revenue Bonds. This transfer is a part of
the funding mechanism set up in the original bond documents. The amount of the transfer is
$141,199. It is staff's recommendation that Council authorize this transfer as budgeted.
OPTIONS
1. Adopt Resolution 07 -200.
2. Refer back to Staff for further consideration.
3. Deny Resolution 07 -200.
RECOMMENDATION
Option 1