HomeMy WebLinkAbout2003-217 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 03-217
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 1999A G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, The 1999A Bond Debt Service Fund has a deficit balance, and
WHEREAS, these bonds were originally sold to finance the West Central Trunk, and
WHEREAS, resources of the Area and Unit Fund were pledged toward the retirement of
the 1999A Bond issue, and
WHEREAS, a transfer is made annually from the Area and Unit Fund to the 1999A Bond
Debt Service Fund to cover debt service payments.
NOW THEREFORE BE IT RESOLVED, that the following transfer be adopted:
Increase Decrease
• Imp. Bonds 1999A (320) $391,554
Area and Unit Fund (406)
•
$391,554
Adopted by the City Council of Lino Lakes this 8th day of December, 2003.
Ann Blair, City Clerk
John Bergeson, Mayor
•
CONSENT AGENDA ITEM 1C
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/8/03
TOPIC Resolution No. 03-217 Authorizing the Transfer of Funds
from the Area And Unit Fund to the 1999A G.O.
Improvement Bond Debt Service Fund
VOTE REQUIRED Simple Majority
BACKGROUND
Each year a transfer is made into the 1999A Bond Fund to cover the deficit balance.
These bonds were originally sold to finance the West Central Trunk. In 1995, funds
were transferred to the Area and Unit Fund from TIF funds to defray the cost of the
trunk.
The transfer is to cover bond principal and interest payments only.
The amount of the transfer is $391,554.
• OPTIONS
1. Adopt Resolution 03-217 transferring funds from the Area and Unit fund to the
1999A G.O. Improvement Bond fund to eliminate the deficit.
2. Refer back to Staff for further consideration.
3. Deny Resolution 03-217.
RECOMMENDATION
Option 1.
•