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Item No.
RESOLUTION AUTHORIZING CLOSING DEBT SERVICE FUND
Proposed Action
Staff recommends adoption of the following motion: Move to approve resolution authorizing
closing debt service fund.
Overview
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.
Debt Service Fund 3314 was established in 2008 in conjunction with the issuance of General
Obligation Improvement Bonds, Series 2008A. These bonds were issued to finance the Donnay’s
Valley Park Third Additional street reclamation, Foliage Avenue overlay, and the CSAH
50/Jubilee Way signal lights projects. The final debt service payment was made on February 1,
2019 and the debt service fund can now be closed. There are residual balances in cash
(~$22,800), interest receivable, special assessments, etc. Staff is recommending that the F3314
balances be transferred to the Construction Improvement Fund.
Primary Issues to Consider
• Funding Sources
Supporting Information
• City Council Resolution
Financial Impact Budgeted: Y☐ N☒ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: Good Value for Public Services
Report Completed by: Jerilyn Erickson, Finance Director
June 17, 2019
~$29,000
0
Debt Service Fund
N/A
CITY OF LAKEVILLE
RESOLUTION NO. ____
RESOLUTION CLOSING DEBT SERVICE FUND
WHEREAS, Debt Service Fund 3314 was established in 2008 in conjunction with the issuance of
General Obligation Improvement Bonds, Series 2008A to finance the Donnay’s Valley Park
Third Additional street reclamation, Foliage Avenue overlay, and the CSAH 50/Jubilee Way
signal lights projects; and
WHEREAS, the final debt service payment for 2008A was made on February 1, 2019; and
WHEREAS, there are residual balances in cash, interest receivable, special assessments, etc. in
Fund 3314; 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 3314 is closed, and all residual balances are transferred to the
Construction Improvement Fund.
ADOPTED by the Lakeville City Council this 17th day of June 2019.
______________________________
Douglas P. Anderson, Mayor
_________________________________
Charlene Friedges, City Clerk