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RESOLUTION 1987- 34 <br />A RESOLUTION AUTHORIZING THE CLOSEOUT OF 1975 STORM SEWER <br />SINKING FUND. <br />WHEREAS, The Hugo City council had previously established a Sinking <br />Fund for the retirement of debt for the 1975 Storm Sewer Project and, <br />WHEREAS, The City of Hugo has made final principal and interest <br />payments for the retirement of bonds for said Storm Sewer Project; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Hugo, Washington County, that the 1975 Storm Sewer Sinking Fund be dis- <br />solved as follows; <br />1. $13,711.75 be transferred from the Sinking Fund Savings account <br />18-00093 to the Sinking Fund checking account $59-50064. <br />2. The Sinking Fund savings account balance of $23,375.79 be <br />transferred to the Sinking Fund established for the retire- <br />ment of bonds for the Lake Air Estates Public Improvement <br />Project 1984-07. <br />3. All delinquent assessments collected hereafter for the 1975 <br />Storm Sewer Project be deposited in the Sinking Fund estab- <br />lished for the Lake Air Estates Public Improvement Project <br />1984-07. <br />Upon roll call Council members voting; <br />AYE: Bob Olson, Theodora Peltier, Arthur Potts, Deane Vail, George Atkinson <br />NAY: None <br />WHEREUPON said resolution was passed and adopted. <br />eor tkinson, Mayor <br />ATTEST: <br />Mary A. <br />Creager, <br />City <br />k <br />ADOPTED <br />AND PASSED <br />THIS <br />/� -d day of Alt-e"It, 1987. <br />