07-22-1991 Council Packet - Laserfiche WebLink

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h ". f W ■h-^:v' f-- :J'' i f*- ► ' r' bs 1-- 71691. %y t//, ^ /9 TO: FROM: DATE: Mark Bernhardscn, City Administrator Tom Kuehn, Finance Director - % July 16, 1991 \o SUBJECT: Close Out 1966-76 G. 0. Improvement Bonds Debt Service Fund Attachment:A. Proposed Resolution to Close the 1966-76 G.O. Improvement Bonds Debt Ser'/ice Fund B. Building Project Funding Source ISSUE - Adoption of resolution to close the 1966-76 G.O. Improvement Bonds Debt Service Fund. INTRODUCTION - The 1966-76 G.O. Improvement Bonds Debt Service Fund has been used to account for the accumulation of resources used for the payment of principal, interest, and fiscal agent fees on the general long-term debt issued during the years from 1966 to 1976. The debt was issued to finance the construction of several water and sewer improvement projects or to refinance previously issued debt. The resources used to pay the debt service were primarily special assessments and interest income from available invested funds. The final installment of bond principal, interest, and fiscal agent charges was February 1, 1991. DISCUSSION - The fund balance or residual equity remaining at June 30, 091 is $349,410.01. Under Minnesota laws the residual equity can be used for general city purposes. It is recommended the 1966-76 G.O. Improvement Bonds Debt Service Fund be closed and the residual equity be transferred to the Building Capital Outlay Fund. I have included a proposed resolution to accomplish the preceeding recommendation. TO:Mayor and City Council PROM:Mark Bernhardson, City Administrat Forwarded recommending approval. PROPOSED MOTION - Moved by , seconded by _, to adopt Resolution # closing the 1966^6 G.O. Improvement Bonds Debt Service Fund to the Building Captial Outlay Fund for building construction and improvements. Ayes , Nays m .V.