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O � <br /> � � <br /> - O O <br /> �"�-' � ��b. - C ITY of ORONO <br /> � ti <br /> '�' RESOLUTION O�T�I�+C�TY COUNCIL <br /> � �L`q.kE p4��'G � N O. <br /> � sx <br /> � A RESOLUTION TO CLOSE THE 1992 STUBBS BAY SEWER CONSTRUCTION <br /> FUND TO THE 1992 IMPROVEMENT BOND DEBT SERVICE FUND <br /> WHEREAS, the 1992 Stubbs Bay Sewer Construction Fund was established to <br /> account for the construction costs of the Stubbs Bay area sanitary sewer system; and <br /> VVHEREAS, all known costs incurred in the construction of said sanitary system <br /> have been paid, and the 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 1992 Stubbs Bay Sewer <br /> • -� Construction Fund be closed and that the residual equity at December 31, 1996 be <br /> transferred to the 1992 Improvement Bond Debt Service Fund,to be used for the payment <br /> of the debt service of said improvement bond fund, for the purpose of reducing the <br /> amount of general real estate taxes required to be levied as a funding source. � <br /> Adopted by the City Council of the City of Orono,Minnesota at a regular meeting <br /> held March 24, 1997. <br /> ATTEST: <br /> . t - . . ;� , , . <br /> : � <br /> 0 othy M. ' all' , City Clerk Gab 'el Jabbour,Mayor . <br /> .- � � . <br /> , <br />