HomeMy WebLinkAboutResolution 5180 ��� -
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RESOLUTION OF THE CITY COUNCIL
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A RESOLUTION TO CLOSE THE 1992 G.O. IMPROVEMENT BONDS
DEBT SERVICE FUND TO THE 2003 G.O SEWER IMPROVEMENT �
REFUNDING BOND DEBT SERVICE FUND
WHEREAS, the 1992 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 August l, 2003 the final
payment of bond principal, interest, and fiscal agent fees having been then made, and the
remaining residual equity of the Fund is no longer required; and
WHEREAS, transfer of the 1992 Bond Fund residual equity to the 2003
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 1992 G.O. Improvement
Bonds Debt Service Fund be closed and that the residual equity at December 31, 2003 be
transferred to the 2003 G.O Sewer Improvement Refunding Bond Debt Service Fund.
Adopted by the City Council of the City of Orono, Minnesota at a regular meeting
held May 24, 2004.
ATTEST:
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Lind'a S. Vee, City Clerk Barbaza A. Peterson, Mayor
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