HomeMy WebLinkAbout18-114CITY OF LAKEVILLE
RESOLUTION NO. 18-114
RESOLUTION CLOSING DEBT SERVICE FUNDS
WHEREAS, Debt Service Fund 3313 was established in 2007 in conjunction with the issuance of
General Obligation Improvement, Series 2007F to finance the Dakota Heights improvement
project; and
WHEREAS, Debt Service Fund 3402 was established in 2007 in conjunction with the issuance of
General Obligation State Aid Street Bonds, Series 2007G to finance the improvement of the
County Road 70 interchange; and
WHEREAS, the final debt service payments for 2007F and 2007G were made on February 1,
2018 and April 1, 2018, respectively; and
WHEREAS, there are small residual balances in cash, interest receivable, special assessments
(delinquent), etc. in Fund 3313; and
WHEREAS, there are negative balances in cash and interest receivable in Fund 3402; and
WHEREAS, Minnesota State Statute 475.6 1, 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 3313 is closed, and all residual balances are transferred to the
Construction Improvement Fund.
3) Debt Service Fund 3402 is closed, and funds are transferred from the Municipal State Aid
Fund to cover the negative balances in F3402.
ADOPTED by the Lakeville City Council this 15th day of October 2018
Douglas P. Anderson, Mayor
Charlene Friedges, City