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C <br />C <br />RESOLUTION NO. 1572 <br />CITY OF MOUNDS VIEW <br />COUNTY 01' RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION AUTHORIZING THE RECLASSIFICATION OF THE PROCEEDS OF THE <br />$1,275,000 GENERAL OBLIGATION IMPROVEMENT BOND ISSUE OF 1981 <br />WHEREAS, General Obligation Improvement Bonds in the amount <br />of $1,275,000 were issued on November 9, 1981 to finance construction <br />of local improvements for the Silver Lake Woods Improvement Project, <br />1981-3; and <br />WHEREAS, the Council has determined that the proceeds of said <br />bonds were not properly classified, pursuant to the bonding agree- <br />ments, between the projects' debt service and construction funds; and <br />WHEREAS, the Council desires that the classification of the <br />proceeds of said bonds be consistent with the bonding agreements; <br />NOW, THEREFORE BE IT RESOLVED by the Council of the City of <br />Mounds View that the proceeds re;eived from the sale of the General <br />Obligation Improvement Bonds of 1981 in the amount of $1,276,500.06 <br />be reclassified as follows: <br />Debt Service Fund $ 214,825.06 <br />Construction Fund 1,061,675.00 <br />effective January 1, 1982 in order to be consistent with the project's <br />bonding agreements. <br />ATTEST: <br />(SEAL) <br />Adopted this day of <br />Mayor <br />1983. <br />Clerk -Administrator <br />