HomeMy WebLinkAbout2003-216 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 03-216
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 2003 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 2003, and
WHEREAS, it is staffs recommendation that this transfer be completed effective
December 31, 2003.
NOW, THEREFORE BE IT RESOLVED by the City Council of Lino Lakes, that the
following transfer be authorized and recorded effective December 31, 2003:
Increase Decrease
• Water Operating Fund (601) $301,355
Area and Unit Fund (406) $301,355
Adopted by the City Council of Lino Lakes this 8th day of December, 2003.
Ann Blair, City Clerk
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John Bergeson, Mayor
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AGENDA ITEM 1B
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/8/03
TOPIC Resolution No. 03-216 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. The
amount of the transfer is $301,355. It is staff's recommendation that Council authorize
this transfer as budgeted.
OPTIONS
1. Adopt Resolution 03-216.
2. Refer back to Staff for further consideration.
3. Deny Resolution 03-216.
RECOMMENDATION
Option 1