HomeMy WebLinkAbout2001-188 Council ResolutionCERTIFICATION OF RESOLUTION NO. 01-188
STATE OF MINNESOTA )
COUNTY OF ANOKA )
CITY OF LINO LAKES )
I, the undersigned, being the duly qualified City Clerk of the City of Lino Lakes,
Minnesota, do hereby certify that the attached document is a true copy of Resolution No.
01- 188 with the original thereof on file in the City Clerk's office, and the same is a full,
true and complete copy insofar as the same relates to:
RESOLUTION NO. 01-188 AUTHORIZING A TRANSFER OF FUNDS FROM
THE AREA AND UNIT FUND TO THE 1992A G.O. IMPROVEMENT BOND
DEBT SERVICE FUND.
Witness my hand as said City Clerk and the Corporate Seal of the City this 11th day of
December, 2001.
Ann J.�1air, City Clerk
(SEAL)
600 Town Center Parkway, Lino Lakes, Minnesota 55014-1182
Phone: 651-982-2400 • Fax: 651-982-2499 • TDD: 651-982-2410
Council member Dahl introduced the following
resolution and move its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 01-188
RESOLUTION AUTHORIZING A TRANSFER OF FUNDS FROM THE AREA AND
UNIT FUND TO THE 1992A G.O. IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, The 1992ABond 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 1992A Bond issue, and
WHEREAS, a transfer is made annually from the Area and Unit Fund to the 1992A Bond
Debt Service Fund to cover debt service payments.
NOW THEREFORE BE IT RESOLVED, that the following transfer be adopted:
Increase Decrease
Imp. Bonds 1992A (309) $409,743
Area and Unit Fund (406) ($409,743)
Adopted by the City Council of Lino Lakes this 10th day of December, 2001.
John erge Win, Ma or
Ann Blair, City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Carlson and upon vote being taken thereon, the following voted in favor thereof:
Reinert, Dahl, Bergeson, Carlson & O'Donnell
The following voted against same:
None.
Where upon said resolution was declared duly passed and adopted:
CONSENT AGENDA ITEM 1B
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/10/01
TOPIC Resolution No. 01-188
VOTE REQUIRED Simple Majority
BACKGROUND
Each year a transfer is made into the 1992A 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 $409,743.
OPTIONS
1. Adopt Resolution 01-188 Transferring funds from the Area and Unit fund to the
1992A G.O. Improvement Bond fund to eliminate the deficit.
2. Refer back to Staff for further consideration.
RECOMMENDATION
Option 1