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��� - <br />. O � � <br /> � � CITY of ORONO <br /> ,� -- . � . <br /> ti <br /> ti <br /> RESOLUTION OF THE CITY COUNCIL <br /> ���9 p4�'G NO. � � �. � <br /> kES�I <br /> A RESOLUTION TO CLOSE THE 1992 G.O. IMPROVEMENT BONDS <br /> DEBT SERVICE FUND TO THE 2003 G.O SEWER IMPROVEMENT � <br /> REFUNDING BOND DEBT SERVICE FUND <br /> WHEREAS, the 1992 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 August l, 2003 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, transfer of the 1992 Bond Fund residual equity to the 2003 <br /> Refunding Bond Fund will aid in the payment of the refunding bonds and reduce the <br /> • amount of general real estate taxes required to be levied as a funding source: <br /> NOW, THEREFORE BE IT RESOLVED, that the 1992 G.O. Improvement <br /> Bonds Debt Service Fund be closed and that the residual equity at December 31, 2003 be <br /> transferred to the 2003 G.O Sewer Improvement Refunding Bond Debt Service Fund. <br /> Adopted by the City Council of the City of Orono, Minnesota at a regular meeting <br /> held May 24, 2004. <br /> ATTEST: <br /> � �� <br /> Lind'a S. Vee, City Clerk Barbaza A. Peterson, Mayor <br /> , <br /> • <br />