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cooMnii meetup <br />MAr 13 awREQUEST FOR COUNCIL ACTION <br />CITY OF ORONO <br />DATE: May 13,2002 <br />ITEMNO: <br />Dcpartmcot Approval: ^ Administrator Reviewed: Agenda Section: <br />Name Tom KuehnCity Administrator’s <br />Title Finance Director fy Report <br />Item Description: <br />1991 Public Facilities Revenue Bonds Debt Service Fund Close Out - Resolution <br />Attachmeiit: Resolution to close the 1991 Public Facilities Revenue Bond Debt Service <br />Fund <br />The payment of the remaining outstanding principal of $2,590,000 and interest was made <br />in February, 2001 through the cross-over refunding bonds issued in 1998. The remaining <br />equity in the 1991 debt fund of $94,424.76 is required to be transferred to the Public <br />Facilities Revenue Refunding Bonds of 1998 to assist with payment of those bonds. The <br />final payment for the 1998 refunding bonds will be made on February 1,2008. Any <br />equity balance remaining at that time will revert to the City. <br />COUNCIL ACTION REQUESTED: <br />Adoption of Resolution #, A Resolution to Close the 1991 Public Facilities <br />Revenue Bonds Debt Service Fund to the 1998 Public Facilities Revenue Refunding <br />Bonds, effective December 31 ,2001 . <br />WF\TOM\C1om9IHRADiM. <br />I <br />I <br />I