HomeMy WebLinkAboutResolution 931•
RESOLUTION # 931
. A RESOLUTION TO CLOSE OUT THE
METRO TRUST FUND TO THE SEWER OPERATING FUND
WHEREAS, the Metro Trust Fund was created in January,
1977, for the purpose of collecting the debt service and current
value credits received from; --the Metropolitan Waste Control
Commission (M.W.C.C.) so that these credits would be available
to purchase land or for other capital expenditures (if it were
determined that these purchases were permissible under the
law), and
WHEREAS, these credits were deposited in the Metro
Trust Fund during 1977 and were invested and did earn interest
during 1977, and
WHEREAS, the 1978 credits from the M.W.C.C. have been
deposited in the Metro Trust Fund through August 31, 1978, and
WHEREAS, it has been determined that these credits
• cannot be so set aside and cannot be used for the stated intended
purposes, but that the debt service credit is to be collected
in the Sewer Operating Fund and transferred to the Improvement
Bond Redemption Fund (Debt Service Fund) each year, and that
the current value credit is to be used within the Sewer Operating
Fund for reducing the charges from the M.W.C.C.,
NOW, THEREFORE, BE IT RESOLVED that:
1. The assets of the Metro Trust Fund on hand at
August 31, 1978, (cash of Q1?_23,850.02_and investments
of $119,953.12) be transferred to the Sewer Operating
Fund as of August 31, 1978.
2. The future debt service credits (which will
total $22,265.30 for the remainder of 1978 and
$55,717 for the years 1979 - 1983) will be collected
in the Sewer Operating Fund and transferred to the
Debt Service Fund in the amount received each year.
3. The past debt service credits (in the amount of
$96,303) which were used to reduce the operating costs
• of the Sewer Operating Fund to the years 1971 - 1976
will be repaid to the Debt Service Fund.
4. The 1977 debt service credits and interest earned
• and adjustments through December 31, 1977, which were
deposited in the Metro Trust Fund (in the amount of
$49,678.54) will be repaid to the Debt Service Fund.
5. The 1978 debt service credits and interest earned
through August 31, 1978, which were deposited in the
Metro Trust Fund (in the amount of X25,275.47) will be
repaid to the Debt Service Fund.
Adopted by the City Council of the City of Orono, Minnesota at
a regular meeting held August 15, 1978.
• Attest:
•
i
William B. Van Nest, Mayor
alter R. Seyr oK, Clerk-Adminis ator