HomeMy WebLinkAboutResolution 4592 �__
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�� G'�' RESOLUTION OF THE CITY COUNCIL
��SH�4� NO. � � 9 � �
A RESOLUTION TO CLOSE THE 1997 SEWER CONSTRUCTION FUND
TO THE 1997 IMPROVEMENT BOND DEBT SERVICE FUND
� � : WHEREAS,the 1997 Sewer Construction Fund was established to account for the
proceeds provided by the issuance of the 1997 G.O. Improvement Bond, and the ,
�• disbursement of said proceeds for payment of construction costs for sanitary sewer
improvements to the proj ect areas identified as North Long Lake,Long Lake Country Club,
Bay Ridge and Brackett's Point, and for sanitary sewer and water improvements to the
Orono Ice Arena project; 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 1997 G.O. Improvement Bond has outstanding unpaid bond
principal;
NOW, THEREFORE BE IT RESOLVED,that the 1997 Sewer Construction Fund
be closed and that the remainina equity be transferred to the 1997 Improvement Bond Debt
Service Fund. �
Adopted by the City Council of the City of Orono, Minnesota at a special meeting
' � ' held December 18, 2000. � �
ATTEST:
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Linda S. Vee, City Clerk Gabri Jabbour, Mayo ,
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