HomeMy WebLinkAbout95-256 CITY OF LAKEVILLE
RESOLUTION
Date December 18, 1995 Resolution No. 95-256
Motion By Mulvihill Seconded By Harvey
RESOLUTION AUTHORIZING THE TRANSFER OF UNENCUMBERED
FUNDS FROM THE SPECIAL ASSESSMENT DEBT SERVICE FUNDS TO THE
PUBLIC WORKS RESERVE FUND
WHEREAS, the City Council approved on December 4, 1995, a Resolution
Authorizing Call of General Obligation Improvement Bonds Series 1986B; and
WHEREAS, the City Council approved on December 4, 1995, a Resolution
Authorizing Call of General Obligation Improvement Bonds Series 1987 B; and
WHEREAS, the City Council approved on December 4, 1995, a Resolution
Authorizing Defeasance of General Obligation Improvement Bonds Series 1991D; and
WHEREAS, Minnesota Statutes 475.61 Subdivision 4, states that debt service
• surplus funds "may be appropriated to any general purpose."
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Lakeville, Minnesota that all unencumbered cash and receivables within the General
Obligation Improvement 1986B, General Obligation Improvement 1987A, and General
Obligation Improvement 1991D Debt Service Funds shall be transferred to the Public.
Works Reserve fund effective February 1, 1996; and
BE IT FURTHER RESOLVED that $750,000 of the amount transferred to the
Public Works Reserve Fund shall be established as a reserve for future Fairfield Business
Campus Tax Increment debt service purposes; provided that the Council reserves the right
to appropriate all or a portion of said funds for other purposes if deemed necessary or
appropriate.
APPROVED AND ADOPTED this 18th day of December, 1995.
CITY L MLLE
By: - ~
Dua e Zaun, May
TE
harlene Friedges, Ci Clerk