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A RESOLUTION TO CLOSE THE 1980 G.O. IMPROVEMENT BONDS DEBT <br />SERVICE FUND TO THE WATER OPERATING FUND <br />WHEREAS, the 1980 G.O. Improvement Bonds Debt Service Fund was <br />established to account for the payment of the said bonds principal, interest and fiscal agent fees; <br />and <br />WHEREAS, all outstanding bonds were called on March 1, 1994, the final <br />payment of bond principal, interest and fiscal agent fees having been then made, and the <br />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 1980 G.O. Improvement <br />bonds Debt Service Fund be closed and that the residual equity at December 31, 1994 be <br />transferred to the Water Operating Fund to be used as a funding source of the G.O. Water and <br />Sewer Revenue Bonds of 1989. <br />Adopted by the City Council of the City of Orono, Minnesota at a regular meeting <br />held on the 13th day of February, 1995. <br />ATTEST: <br />Dorothy M. Hallin, City Clerk Edward J. Callahan, Jr., Mayor