HomeMy WebLinkAbout2014-144 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 14-144
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 2005B G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, a portion the 2005B Bond issue refunded the original 1998A bond issue, and
WHEREAS, these bonds were originally sold to finance 1997 and 1998 Construction Projects, and
WHEREAS, resources of the Area and Unit Fund were pledged toward the retirement of the
1998A Bond issue.
NOW, THEREFORE, BE IT RESOLVED. that the following transfer be adopted:
Increase Decrease
Imp. Bonds 2005B (328) $220,000.00
Area and Unit Fund (406)
$220,000.00
Adopted by the Council of the City of Lino Lakes this 8th day of December, 2014.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Roeser and was duly seconded by Council MembeiKusterman and upon vote being
taken thereon, the following voted in favor thereof
Roeser, Kusterman, Rafferty,
The following voted against same:
Absent — Stoesz
ATTEST:
Ju is e Bartell, City lerk
Reinert
CITY COUNCIL
CONSENT AGENDA ITEM 1D
STAFF ORIGINATOR Al Rolek
MEETING DATE December 8, 2014
TOPIC Resolution No. 14-144 Authorizing the Transfer of Funds from the Area
and Unit Fund to the 2005B G.O. Improvement Bond Debt Service Fund
VOTE REQUIRED Simple Majority
BACKGROUND
The 1998A Debt Service Fund was established to service the debt on the 1997 and 1998 improvement
projects. The 1998A issue was subsequently refunded by the 2005B bond issue. The original debt was
to be retired using special assessments to benefited properties and resources of the Area and Unit Fund. .
Resolution 14-144 would transfer the necessary funds from the Area and Unit Fund to maintain debt
service requirements. The amount of the transfer is $220,000.00.
RECOMMENDATION
Staff recommends approval of Resolution 14-144.
ATTACHMENTS
Resolution 14-144.