HomeMy WebLinkAbout2004-188 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 04-188
RESOLUTION AUTHORIZING THE CLOSING OF 1996A IMPROVEMENT BONDS DEBT
SERVICE FUND
WHEREAS, the 1996A Improvement Bonds Debt Service Fund (Fund 314) was established to
account for debt service payments on the G.O. Improvement Bonds Series1996A by
the City of Lino Lakes, and
WHEREAS,
WHEREAS,
the G.O. Improvement Bonds Series1996A have been refinanced with the G.O.
Improvement and Refunding Bonds, Series 2003A, and
it is standard accounting practice to close refunded debt service funds to the new
debt service fund of the refunding issue in accordance with generally accepted
accounting principals.
NOW, THEREFORE BE IT RESOLVED by the City Council of Lino Lakes, that staff is hereby
authorized to close the following fund and to make residual fund transfers to the associated debt
service fund as follows:
Funds to be Closed
Funds Receiving Residual transfers
Imp Bond 1996A Debt Service Fund (Fund 314) Imp and Refunding Bond 2003A Debt
Service Fund (Fund 324)
Adopted by the City Council of Lino Lakes this 20th day of December, 2004.
Ann Blair, Chi Clerk
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AGENDA ITEM 1 F
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/20/04
TOPIC Resolution 04 -188 Authorizing the Closing of 1996A
Improvement Bonds Debt Service Fund
VOTE REQUIRED Simple Majority
BACKGROUND
The City established the 1996A Improvement Bonds Debt Service Fund (Fund 314) was
established to account for debt service payments on the G.O. Improvement Bonds Series1996A.
Tthe G.O. Improvement Bonds Series1996A have been refinanced with the G.O. Improvement
and Refunding Bonds, Series 2003A. The final payment has been made on the original
bond issue and no further activity is anticipated in these funds.
It is standard accounting practice to close refunded debt service funds to the new debt
service fund of the refunding issue in accordance with generally accepted accounting
principals. In this case, the Improvement and Refunding Bond 2003A Debt Service
• Fund is the appropriate fund into which this debt service fund should be closed.
Therefore, it is staffs recommendation that the City Council adopt Resolution 04 -188
authorizing the closing of this fund and the residual equity transfer resulting from the
closure.
OPTIONS
1. Adopt Resolution 04 -188 Authorizing the Closing Of 1996A Debt Service Fund
2. Refer back to Staff for further consideration.
3. Deny Resolution 04 -188.
RECOMMENDATION
Option 1
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