HomeMy WebLinkAbout20-060CITY OF LAKEVILLE
RESOLUTION NO. 20-60
RESOLUTION CLOSING DEBT SERVICE FUNDS
WHEREAS, Debt Service Fund 3106 was established in 1999 in conjunction with the issuance of
Gross Revenue Recreation Facility Bonds of 1999. These bonds were issued to finance the second
ice sheet at the Ames ice arena. The final debt service payment for the 1999 bonds was made on
August 1, 2019; and
WHEREAS, Debt Service Fund 3311 was established in 2001 in conjunction with the issuance of
General Obligation Improvement Bonds, Series 2001A and the subsequent refunding bonds of
2009B. The 2009B bonds were issued for refunding both the 2000A and the 2001A Improvement
Bonds. The final debt service payment for the 2009B bonds was made on February 1, 2020; and
WHEREAS, Debt Service Fund 3400 was established in 2000 in conjunction with the issuance of
General Obligation State Aid Street Bonds, Series 2000C and the subsequent refunding bonds of
2010A. These bonds were issued to finance various improvements of municipal state -aid streets
within the City. The final debt service payment for the 2010A bonds was made on April 1, 2020;
and
WHEREAS, there are residual balances in cash, interest receivable, special assessments, etc. in
Fund 3106, Fund 3311 and F3400; 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 Funds 3106, 3311 and 3400 are closed, and the 2020 budget is amended to
reflect the following transfers of residual balances:
a. Debt Service Fund 3106 to the 2020A Arenas Parking Lot Debt Service Fund.
b. Debt Service Fund 3311 to the Construction Improvement Fund.
c. Debt Service Fund 3400 to the Municipal State Aid Fund.
ADOPTED by the Lakeville City Council this 15`h day of June 2020
Douglas P. Anderson, Mayor
Charlene Friedges, City Clerk