89-072 RES - Laserfiche WebLink

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. . . RESOLUTION 89- 72 A RESOLUTION OF THE CITY OF ELK RIVER A RESOLUTION AUTHORIZING THE CLOSING OF THE 1973 IMPROVEMENT BOND FUND, TWO PROJECT FUNDS AND THE VANDENBERG LIBRARY TRUST FUND WHEREAS, the 1973 Improvement Bond Fund was retired in 1987 and the only remaining revenue will come from delinquent special assessments, and; WHEREAS, Minnesota Statutes Sections 435.203 and 475.61 subd. 4 allow for the transfer of debt service funds for any general purpose as determined by the City Council; and, WHEREAS, the CSAH 42 Bridge Project was completed in 1986 and no additional activity will occur; and, WHEREAS, the Elk Hills Signal Project was completed in 1988 and the only remaining activity is the receipt of additional MSA funds which are now unavailable due to a court claim with the State of Minnesota; and, WHEREAS, when the remaining Elk Hills Signal Project MSA funds are received, they will be received into the Capital Projects Funds; and, WHEREAS, the VandenBerg Library Trust Fund has been depleted with the exception of approximately $400 which will be transferred into the Library Reserve Fund. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River that the following funds be closed and the remaining cash balance or deficit be transferred as stated below: Fund to be Closed Approximate Fund Balance Closed To --------------------------------------------------------------- --------------------------------------------------------------- 1973 Improvement Bond CSAH 42 Bridge Project Elk Hills Signal Project VandenBerg Library Trust $(2,700) 9,100 (6,500) 400 Self Insurance Reserve Capital Project Fund Capital Project Fund Library Fund