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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