HomeMy WebLinkAbout2003-218 Council Resolution•
CITY OF LINO LAKES
RESOLUTION NO. 03-218
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 1996A G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, The 1996A Bond Debt Service Fund has a deficit balance, and
WHEREAS, these bonds were originally sold to finance 1996 Construction Projects, and
WHEREAS, resources of the Area and Unit Fund were pledged toward the retirement of
the 1996A Bond issue.
NOW THEREFORE BE IT RESOLVED, that the following transfer be adopted:
Increase
Imp. Bonds 1996A (314) $276,656
Area and Unit Fund (406)
Decrease
$276,656
i Adopted by the City Council of Lino Lakes this 8th day of December, 2003.
pistr
Ann Blair, City Clerk
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John Bergeson, Mayor
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CONSENT AGENDA ITEM 1D
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/8/03
TOPIC Resolution No. 03-218 Authorizing the Transfer of Funds
from the Area and Unit Fund to the 1996A G.O.
Improvement Bond Debt Service Fund
VOTE REQUIRED Simple Majority
BACKGROUND
The 1996A Debt Service Fund was established to service the debt on the 1996
improvement projects. The debt was to be retired using special assessments to
benefitted properties and resources of the Area and Unit Fund. This fund is currently in
a deficit situation. Resolution 03-218 would transfer the necessary funds from the Area
and Unit Fund to eliminate this deficit.
The amount of the transfer is $276,656. It is staffs recommendation that the City
Council approve Resolution 03-218 authorizing this transfer.
OPTIONS
1. Adopt Resolution 03-218 Transferring funds from the Area and Unit fund to the
1996A G.O. Improvement Bond fund to eliminate the deficit.
2. Refer back to Staff for further consideration.
3. Deny Resolution 03-218.
RECOMMENDATION
Option 1