HomeMy WebLinkAbout2004-184 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 04-184
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 1996A G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, The 1996A Bond Debt Service Fund has a deficit balance, and
WHEREAS, these bonds were 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
Imp. Bonds 1996A (314) $427,775.46
Area and Unit Fund (406)
Decrease
$427,775.46
Adopted by the City Council of Lino Lakes this 20th day of December, 2004.
Ann Blair, ity Clerk
John g , Mayor
r eso
CONSENT AGENDA ITEM 1B
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/20/04
TOPIC Resolution No. 04 -184 Authorizing the Transfer of Funds
from the Area and Unit Fund to the 1996A G.O.
Improvement Bond Debt Service Fund
VOTE REQUIRED Simple Majority
BACKGROUND
The 1996A Debt Service Fund was established to service the debt on the 1996
improvement projects. The debt was to be retired using special assessments to
benefited properties and resources of the Area and Unit Fund. This fund is currently in
a deficit situation. Resolution 04 -184 would transfer the necessary funds from the Area
and Unit Fund to eliminate this deficit.
The amount of the transfer is $427,775.46. It is staff's recommendation that the City
Council approve Resolution 04 -184 authorizing this transfer.
OPTIONS
1. Adopt Resolution 04 -184 Transferring funds from the Area and Unit fund to the
1996A G.O. Improvement Bond fund to eliminate the deficit.
2. Refer back to Staff for further consideration.
3. Deny Resolution 04 -184.
RECOMMENDATION
Option 1
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