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� °� . <br /> 0 0 <br /> • �� � C ITY of ORONU <br /> � -. : � <br /> ti <br /> ti <br /> RESOLUTION OF THE CITY COUNCIL <br /> ��� pg'�G NO. � � � �. <br /> k'ESS <br /> A RESOLUTION TO CLOSE THE 1998 SEWER CONSTRUCTION FUND <br /> TO THE 1999 IMPROVEMENT BOND DEBT SERVICE FUND <br /> WHEREAS, the 1998 Sewer Construction Fund was established to account for <br /> the construction costs of the Edgewood Hills, Heritage/Shoreline and Orono Orchards <br /> sanitary sewer improvements; and <br /> WHEREAS, all costs incurred in the construction of the above mentioned sanitary <br /> sewer improvements have been paid, and the remaining residual equity of the Fund is no <br /> longer required; and <br /> WHEREAS, transfer of the construction fund's residual equity to the related debt <br /> service fund will aid in payment of the outstanding bonded debt and will 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 1998 Sewer Construction Fund <br /> be closed and that the residual equity of $97,487.09, be transferred to the 1999 <br /> Improvement Bond Debt Service Fund, as of December 31, 2003. <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 /> U <br /> Linda S Vee, City Clerk Barbara A. Peterson,Mayor <br /> � <br />