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A RESOLUIION TO CLOSE THE 1992 STUBBS BAY SEWER CONSTRUCTION <br />FUND TO THE 1992 IMPROVEMENT BOND DEBT SERVICE FUND <br />WHEREAS, the 1992 Stubbs Bay Sewer Construction Fund was established to <br />account for the construction costs of the Stubbs Bay area sanitary sewer system; and <br />WHEREAS, all known costs incurred in the construction of said sanitary system <br />have been paid, and the remaining residual equity of the Fund is no longer required; and <br />WHEREAS, the City can designate the use of the residual equity for any general <br />purpose. <br />NOW, THEREFORE BE IT RESOLVED, that the 1992 Stubbs Bay Sewer <br />Construction Fund be closed and that the residual equity at December 31, 1996 be <br />transferred to the 1992 Improvement Bond Debt Sendee Fund, to be used for the payment <br />of the debt service of said improvement bond lund, for the purpose of reducing the <br />amount of general real estate taxes required to be levied as a funding source. <br />Adopted by the City Council of the City of Orono, Minnesota at a regular meeting <br />held March 24, 1997. <br />ATTEST: <br />Dorothy M. HaHin, City Clerk Gabriel Jabbour, Mayor <br />--------J-tt L -I -