HomeMy WebLinkAboutResolution 5181 � °� .
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RESOLUTION OF THE CITY COUNCIL
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A RESOLUTION TO CLOSE THE 1998 SEWER CONSTRUCTION FUND
TO THE 1999 IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, the 1998 Sewer Construction Fund was established to account for
the construction costs of the Edgewood Hills, Heritage/Shoreline and Orono Orchards
sanitary sewer improvements; and
WHEREAS, all costs incurred in the construction of the above mentioned sanitary
sewer improvements have been paid, and the remaining residual equity of the Fund is no
longer required; and
WHEREAS, transfer of the construction fund's residual equity to the related debt
service fund will aid in payment of the outstanding bonded debt and will reduce the
• amount of general real estate taxes required to be levied as a funding source;
NOW, THEREFORE BE IT RESOLVED, that the 1998 Sewer Construction Fund
be closed and that the residual equity of $97,487.09, be transferred to the 1999
Improvement Bond Debt Service Fund, as of December 31, 2003.
Adopted by the City Council of the City of Orono, Minnesota at a regular meeting
held May 24, 2004.
ATTEST:
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Linda S Vee, City Clerk Barbara A. Peterson,Mayor
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