HomeMy WebLinkAbout18-003CITY OF LAKEVILLE
RESOLUTION NO. 18-03
RESOLUTION CLOSING DEBT SERVICE FUND
WHEREAS, Debt Service Fund 3312 was established in 2007 in conjunction with the
issuance of General Obligation Improvement Refunding Bonds, Series 2007B to refund future
maturities of the 1995A, 1996B and 1996C bonds; and
WHEREAS, the final debt service payment was made on February 1, 2016; and
WHEREAS, there are residual balances in cash, interest receivable, special assessments
(current, green acres and other), etc.; and
WHEREAS, Minnesota State Statute 475.61, subd. (4a) provides that any surplus
remaining in a debt service fund when the obligations and interest thereon are paid may be
appropriated to any other general purpose by the municipality.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota, as follows:
1) The recitals set forth above are incorporated herein;
2) Debt Service Fund 3312 is closed, and all residual balances transferred as follows, effective
December 31, 2017:
a. To Debt Service Fund 3313 (General Obligation Improvements Bonds, Series
2007F) - Transfer cash in an amount sufficient to fund the 2018 (final) debt
service payment and other fees;
b. To Construction Improvement Fund - Transfer remaining cash balance and other
residual balances.
ADOPTED by the Lakeville City Council this 2nd day of January 2018
Douglas P. nderson, Mayor
Charlene Friedges, City Cl /