HomeMy WebLinkAbout2002-189 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 02-189
RESOLUTION AUTHORIZING A 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:
Imp. Bonds 1999A (320)
Area and Unit Fund (406)
Increase
$391,681
Decrease
$391,681
Adopted by the City Council of Lino Lakes this 16th day of December, 2002.
CONSENT AGENDA ITEM 1C
STAFF ORIGINATOR Al Rolek
MEETING DATE 12/16/02
TOPIC Resolution No. 02-189
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 $391,681
OPTIONS
1. Adopt Resolution 02-189 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.
RECOMMENDATION
Option 1