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1�� <br />ti <br />J� <br />CITY of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. 5466 <br />A RESOLUTION TO CLOSE THE 1997 G.O. IMPROVEMENT BONDS <br />DEBT SERVICE FUND TO THE 2004 G.O. IMPROVEMENT <br />REFUNDING BOND DEBT SERVICE FUND <br />WHEREAS, the 1997 G.O. Improvement Bonds Debt Service Fund was <br />established to account for the payment of the said bonds principal, interest, and fiscal <br />agent fees; and <br />WHEREAS, all outstanding bonds were called on February 1, 2005 the final <br />payment of bond principal, interest, and fiscal agent fees having been then made, and the <br />remaining equity of the Fund is no longer required; and <br />• WHEREAS, transfer of the 1997 Bond Fund equity to the 2004 Refunding Bond <br />Fund will aid in the payment of the refunding bonds and reduce the amount of general <br />real estate taxes required to be levied as a funding source: <br />NOW, THEREFORE BE IT RESOLVED, that the 1997 G.O. Improvement Bond <br />Debt Service Fund be closed and that the equity remaining be transferred to the 2004 G.0 <br />Improvement Refunding Bond Debt Service Fund as of December 31, 2005. <br />Adopted by the City Council of the City of Orono, Minnesota at a regular meeting <br />held May 8, 2006. <br />ATTEST: <br />Linda S. Vee, City Clerk <br />0 <br />Barbara A. Peterson, Mayor <br />