HomeMy WebLinkAboutResolution 54661��
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CITY of ORONO
RESOLUTION OF THE CITY COUNCIL
NO. 5466
A RESOLUTION TO CLOSE THE 1997 G.O. IMPROVEMENT BONDS
DEBT SERVICE FUND TO THE 2004 G.O. IMPROVEMENT
REFUNDING BOND DEBT SERVICE FUND
WHEREAS, the 1997 G.O. Improvement Bonds Debt Service Fund was
established to account for the payment of the said bonds principal, interest, and fiscal
agent fees; and
WHEREAS, all outstanding bonds were called on February 1, 2005 the final
payment of bond principal, interest, and fiscal agent fees having been then made, and the
remaining equity of the Fund is no longer required; and
• WHEREAS, transfer of the 1997 Bond Fund equity to the 2004 Refunding Bond
Fund will aid in the payment of the refunding bonds and reduce the amount of general
real estate taxes required to be levied as a funding source:
NOW, THEREFORE BE IT RESOLVED, that the 1997 G.O. Improvement Bond
Debt Service Fund be closed and that the equity remaining be transferred to the 2004 G.0
Improvement Refunding Bond Debt Service Fund as of December 31, 2005.
Adopted by the City Council of the City of Orono, Minnesota at a regular meeting
held May 8, 2006.
ATTEST:
Linda S. Vee, City Clerk
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Barbara A. Peterson, Mayor