HomeMy WebLinkAbout2001-035 Council Resolution• Council member introduced the following
resolution and move its adoption:
•
CITY OF LINO LAKES
RESOLUTION NO. 2001-35
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 2000 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 2000, and
WHEREAS, it is staff's recommendation that this transfer be completed effective
December 31, 2000.
NOW, THEREFORE BE IT RESOLVED by the City Council of Lino Lakes, that the
following transfer be authorized and recorded effective December 31, 2000:
Increase Decrease
Water Operating Fund (601) $301,709
Area and Unit Fund (406)
($301,709)
Adopted by the City Council of Lino Lakes this 12th day of March, 2001.
Ry- CI4'eI Gaustad, CMC City Clerk
John r 9 esKn, M or
The motiofgfor the adoption of the foregoing resolution was duly seconded by Council
Member can/ l) and upon vote being taken thereon, the following voted in
favor thereof: al(
The following voted against same: W/4.
• Where upon said resolution was declared duly passed and adopted:
•
•
•
AGENDA ITEM 1C
STAFF ORIGINATOR Al Rolek
MEETING DATE 3/12/01
TOPIC Resolution No. 2001 -35 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. This
transfer may not be necessary if the Water Fund has sufficient revenue to cover these
payments. However, without this transfer being made in 2000 the Water Fund will be in
deficit for the year. The amount of the transfer would be $301,709. It is staff's
recommendation that Council authorize this transfer effective December 31, 2000.
OPTIONS
1. Adopt Resolution 2001 -35 transferring funds from the Area and Unit fund to the
Water Operating Fund.
2. Refer back to Staff for further consideration.
3. Deny Resolution 2001 -35.
RECOMMENDATION
Option 1