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AGENDA ITEM <br />Item No.: 9 <br />Date: December 10, 2018 <br />Item Description: Close Fund 319 — 2008 GO Street Reconstruction Bond <br />Presenter: Ron Olson Agenda Consent Agenda <br />Section: <br />1. Purpose. To close Fund 319 — 2008 GO Street Reconstruction Bond Fund. <br />2. Background. The 2008 GO Street Reconstruction Bond Fund is a debt service fund that was created <br />to fund debt payments on the 2008 GO Street Reconstruction Bonds. In December of 2016 the City <br />issued the 2016 GO Refunding Bonds to refund the 2008 bonds which were paid in full as of February 1St, <br />2017. The 2008 fund's current balance is $87,666.00 and is needed for debt service on the 2016 GO <br />Refunding Bonds. <br />3. Staff Recommendation. Staff is recommending the closing of the 2008 bond fund and transferring <br />the assets of the fund to the 2016 refunding bond fund. <br />COUNCIL ACTION REQUESTED <br />Motion to adopt A Resolution to close the 2008 GO Street Reconstruction Bond Fund and to transfer the <br />equity to the 2016 GO Refunding Bonds for debt service. <br />Exhibits <br />A. Resolution Closing the 2008 GO Street Reconstruction Bond Fund <br />Prepared By: J?Y(g <br />Reviewed By:.b)X1 <br />Approved By: -Sb)X <br />