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""la . <br />A RESOLUTION TO CLOSE THE 2000 SEWER CONSTRUCTION FUND <br />TO THE 7000 IMPROVEMENT BOND DEBT SERVICE FUND <br />WHEREAS, the 2000 Sewer Construction Fund was established to account for the <br />proceeds provided by the issuance of the 2000 G.O. Improvement Bond, and the <br />disbursement of said proceeds for payment of construction costs for sanitary sewer <br />improvements to the project areas identified as East Long Lake, Fox Ridge and Webber <br />Hills; and <br />WHEREAS, the projects have been completed and the costs have been paid, <br />including construction contracts, legal, engineering, fiscal and miscellaneous costs, and the <br />remaining equity of the Fund is no longer required; and <br />WHEREAS, any remaining construction fund equity must first be transferred to the <br />fund servicing the debt generated for the improvement projects if any such debt remains <br />unpaid, and <br />WHEREAS, the 2000 G.O. Improvement Bond has outstanding unpaid bond <br />principal; <br />NOW, THEREFORE BE IT RESOLVED, that the 2000 Sewer Construction Fund <br />be closed and that the remaining equity be transferred to the 2000 Improvement Bond Debt <br />Service Fund, effective December 31,2001. <br />Adopted by the City Council of the City of Orono, Minnesota at a regular meeting <br />held May 13,2002. <br />ATTEST: <br />Linda S. Vee, City Clerk Barbara A. Peterson, Mayor <br />WPyJUKMMTOMCkMlOOOOiMl.lUi