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F <br />'W\ <br />A RESOLUTION TO CLOSE THE 1997 SEWER CONSTRUCTION FUND <br />TO THE 1997 IMPROVEMENT BOND DEBT SERVICE FUND <br />WHEREAS, the 1997 Sewer Construction Fund was established to account for the <br />proceeds provided by the issuance of the 1997 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 North Long Lake, Long Lake Country Club, <br />Bay Ridge and Brackett ’s Point, and for sanitary sewer and water improvements to the <br />Orono Ice Arena project; 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 1997 G.O. Improvement Bond has outstanding unpaid bond <br />principal; <br />NOW. THEREFORE BE IT RESOLVED, that the 1997 Sewer Construction Fund <br />be closed and that the remaining equity be transferred to the 1997 Improvement Bond Debt <br />Service Fund. <br />Adopted by the City Council of the City of Orono, Minnesota at a special meeting <br />held December 18, 2000. <br />ATTEST: <br />Linda S. Vee, City Clerk Gabriel Jabbour, Mayor <br />WPWIN60\WPDOCS\TOSfClo»«97Cm wpd