HomeMy WebLinkAboutResolution 3876 O �
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'�' RESOLUTION O�T�I�+C�TY COUNCIL
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� A RESOLUTION TO CLOSE THE 1992 STUBBS BAY SEWER CONSTRUCTION
FUND TO THE 1992 IMPROVEMENT BOND DEBT SERVICE FUND
WHEREAS, the 1992 Stubbs Bay Sewer Construction Fund was established to
account for the construction costs of the Stubbs Bay area sanitary sewer system; and
VVHEREAS, all known costs incurred in the construction of said sanitary system
have been paid, and the remaining residual equity of the Fund is no longer required; and
WHEREAS, the City can designate the use of the residual equity for any general .
, purpose. �
` NOW, THEREFORE BE IT RESOLVED, that the 1992 Stubbs Bay Sewer
• -� Construction Fund be closed and that the residual equity at December 31, 1996 be
transferred to the 1992 Improvement Bond Debt Service Fund,to be used for the payment
of the debt service of said improvement bond fund, for the purpose of reducing the
amount of general real estate taxes required to be levied as a funding source. �
Adopted by the City Council of the City of Orono,Minnesota at a regular meeting
held March 24, 1997.
ATTEST:
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0 othy M. ' all' , City Clerk Gab 'el Jabbour,Mayor .
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