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Mounds View City Council September 12,2011 <br /> Regular Meeting Page 8 <br /> • <br /> work session meeting scheduled for December 5, 2011. A continuation could be held on <br /> December 12`h if necessary. <br /> MOTION/SECOND: Gunn/Hull. To Waive the Reading and Adopt Resolution 7823 <br /> Establishing Public Hearing Dates for the Proposed General Fund Budget and Property Tax Levy <br /> for Fiscal Year 2012. <br /> Ayes—5 Nays—0 Motion carried. <br /> G. Resolution 7824, Closing Funds, Reclassifying a Fund, and Committing <br /> General Fund Balance for Future Levy Reduction and Stabilization. <br /> Finance Director Beer indicated at the July work session an accounting change was discussed <br /> with the Council as to how fund balances are to be reported. He reviewed the fund balance <br /> changes in further detail, along with current fund balance levels. Staff recommended approval of <br /> the proposed Resolution. <br /> Council Member Mueller asked what percent would be transferred from the levy reduction fund <br /> in 2011. Finance Director Beer indicated the amount being transferred was roughly 4%. <br /> MOTION/SECOND: Mueller/Stigney. To Waive the Reading and Adopt Resolution 7824, <br /> Closing Funds, Reclassifying a Fund, and Committing General Fund Balance for Future Levy • <br /> Reduction and Stabilization. <br /> Ayes—5 Nays—0 Motion carried. <br /> H. Resolution 7827, Approving the Terms of Sale of the General Obligation <br /> Equipment Certificates of Indebtedness, Series 2011B to be Issued by the <br /> City of Blaine,Minnesota. <br /> Finance Director Beer explained from time to time, as a member of the joint fire department, <br /> there is a need to purchase capital equipment. In the past, equipment certificates have been <br /> issued to assist with these purchases. The Fire Chief was proposing to purchase two new fire <br /> trucks and the Fire Department was looking to issue $1.555 million in equipment certificates of <br /> indebtedness. The City of Blaine would act as the conduit for these bonds. He explained the <br /> note would be paid off in five years. The City would be responsible for 15.12% of this debt, <br /> based on a formula within the joint powers agreement. Staff recommended approval of the terms <br /> of sale of the general obligation equipment certificates. <br /> MOTIONiU COND: MueruJI1u11. To Waive the Reading and Adopt Resolution /(();',7, <br /> Approving the Terms of Sair; of the General Obligation Equipment Certificates of Indebtedness, <br /> Series 20117 to be Issued by City of Pi : ie,Minnesota. <br /> Ayes—5 Nays—0 Motion carried. <br /> 1111 <br />