HomeMy WebLinkAboutResolution 4815 B '
//-�
�� ��
� O O
��e. - CITY of ORONO
� � � - -
�� G�' RESOLUTION OF THE CITY COUNCIL
��sKO�`'� rvo. 4 � 1 �
A RESOLUTION TO CLOSE THE 2000 SEWER CONSTRUCTION FUND
TO THE 2000 IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS,the 2000 Sewer Constxuction Fund was established to account for the
proceeds provided by the issuance of the 2000 G.O. Improvement Bond, and the
disbursement of said proceeds for payment of construction costs for sanitary sewer
improverrients to the project areas identified as East Long Lake, Fox Ridge and Webber
Hills; and
WHEREAS, the projects have been completed and the costs have been paid,
including construction contracts,legal,engineering,fiscal and miscellaneous costs,and the
remaining equiTy of the Fund is no longer required; and
WHEREAS,any remaining construction fund equity must first be transferred to the
• fund servicing the debt generated for the improvement projects if any such debt remains .
unpaid, and
WHEREAS, the 2000 G.O. Improvement Bond has outstanding unpaid bond
principal;
NOW, THEREFORE BE IT RESOLVED,that the 2000 Sewer Construction Fund
be closed and that the remaining equity be transferred to the 2000.Improvement Bond Debt
Service Fund, effective December 31,2001.
Adopted by the City Council of the City of Orono,Minnesota at a regular meeting .
held May 13,2002.
ATTEST: � �
������ �"` -----�..
�
(�.Q.� �-�'l�
Linda S. Vee, City Clerk Bazbara A. Peterson,Mayor
WP�Raoluaons\TOhnClose2000Const Rea.wpd
•