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% <br />A % <br />REQUEST FOR COUNCIL ACTION <br />S <br />DATE: February 9,1995 <br />ITEM NO: // <br />/ <br />% <br />Department Approval: j/ ,Administrator Reviewed:Agenda Section: <br />Name Tom Kuehn • <br />Title Finance Director * <br />Citv Administrator's <br />Report <br />Item Description: <br />1980 Improvement Bond Debt Service Fund Close Out -Resolution <br />Attachment! Resolution To Close the 1980 Improvement Bond Debt Service Fund <br />In 1993 the Council authorized that the 1980 Improvement Bonds be called and that the <br />proceeds be used to assist in the funding of the Water and Sewer Revenue Bonds of 1989. <br />In December of 1993 transfers in the amount of $241,000 were made from the 1980 <br />Improvement Bond Debt Fund to the Water and Sewer Operating Funds. The close out of <br />the 1980 Improvement Bond Debt Fund will result in the transfer of the remaining assets. <br />The 1980 Improvement Bond Fund debt was called as of March 1, 1994, and all <br />outstanding bonds were redeemed. At the end of 1994 there is remaining approximately <br />$106,150 of assets, including cash and investment interest receivables of $71,480, and <br />outstanding special assessments receivables of $34,670. As the remaining assets are no <br />longer required for the debt service of the 1980 Improvement Bond Fund it is requested <br />that the assets be closed to the Water Operating Fund to assist in the funding of the G. O. <br />Water and Sewer Revenue Bonds of 1989. <br />COUNCIL .ACTION REQUESTED: <br />Adoption of Resolution #_____, A Resolution to Close the 1980 Improvement Bond <br />Debt Service Fund to the Water Operating Fund. <br />PROPOSED MOTION: - Moved by,____. seconded by,_____, to adopt Resolution <br />#_____. A Resolution to Close the 1980 Improvement Bond Debt Service Fund to the <br />Water Operating Fund as of December 31, 1994. Ayes ____, Nays ____.