HomeMy WebLinkAbout1988-001 Council ResolutionA
•
•
•
CITY OF LINO LAKES
RESOLUTION NO. 01 -- 88
RESOLUTION TO ESTABLISH THE CONNECTION AND AREA CHARGE FUND
FOR THE CITY OF LINO LAKES, MINNESOTA
WHEREAS, The City has established various area and connect-
ion charges related to sewer and water availabil-
ity, and
WHEREAS, The revenues collected from such connection and
area charges are integral to funding specified
debt service which financed the available sewer
and water facilities, including trunk facilities,
and
WHEREAS, Certain revenues collected from such connection
and area charges may be available for further
water and sewer improvements, including major
repairs and the extension of services.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
LINO LAKES, MINNESOTA:
The City hereby establishes the Connection and Area Charge
Capital Project Fund to account for the various connection
and area charges collected by the City. The Fund will:
1. Maintain separate revenue accounts as required to
segregate collections based on commitments to specified
debt service funds and other designations as approp-
riate.
2. Record all direct expenditures and transfers as
approved by the City Council from specific designated
and undesignated balances.
3. Maintain separate designations of remaining balances
based on commitments to specified debt service funds
and other designations as appropriate.
4. Allocate interest revenue to each designated and un-
designated balance of the Fund based on the average
cash balances of the various designated and undesign-
ated balances.
In December of each year, amounts shall be transferred to
various debt service funds to provide adequate funding for
the subsequent year's debt service based on the following:
Sebsequent year's debt service requirement
Less anticipated balance and revenues available in debt
service fund:
Anticipated January 1 balance available (prior to
to transfer)
Anticipated assessment collections
Anticipated interest revenue
Anticipated other revenues
Anticipated transfer of Enterprise Fund service
fee
Total anticipated revenues
Debt service payments requiring connection and
area charge funding (scheduled transfer)
The City will estimate the required transfers from the
Connection and Area Charge Fund by October 1 of each year
(prior to completing the budget process for the ensuring
year). If adequate amounts are not anticipated in the
Connection and Area Charge Fund to meet the above transfer
requirements, the City will consider alternate funding
sources to fund debt service payments.
As the City determines that remaining connection and area
charges are no longer required to fund outstanding debt
service, such amounts may be transferred as directed by the
City Council for water and sewer system improvements and
repairs.
Adopted by the Lino Lakes City Council this eleventh day of
January, 1988.
2z
Benjami. G. Benson, Mayor
. Anderson, Clerk- Treasurer