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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 87 - 46 <br /> <br />RESOLUTION OF THE CITY OF ELK RIVER <br /> <br />RESOLUTION AUTHORIZING TRANSFER OF FUNDS FROM THE GENERAL <br />OBLIGATION IMPROVEMENT BOND FUND OF 1982 TO THE <br />SELF INSURANCE FUND <br /> <br />WHEREAS, the General Obligation Refunding and Improvement <br />Bonds of 1982 were defeased on August 12, 1987, and; <br /> <br />WHEREAS, the General Obligation Refunding and Improvement Bond <br />Fund of 1982 has excess cash of approximately <br />$53,450.00 after final settlement, and; <br /> <br />WHEREAS, Minnesota Statutes Section 435.203 and 475.61 subd. 4 <br />allow for the transfer of these funds for any general <br />purpose, and; <br /> <br />WHEREAS, the City Council deems it necessary to create a self <br />insurance fund for the purpose of future self <br />insurance and litigation protection for the City. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council, of the City <br />of Elk River, that any remaining funds in the General <br />Obligation Refunding and Improvement Bond Fund of <br />1982 be transferred to the Self Insurance Fund and <br />the General Obligation Refunding and Improvement Bond <br />Fund of 1982 be closed. <br /> <br />Passed and adopted by the City Council of Elk River, Minnesota, <br />this 24th day of August, 1987. <br /> <br />CddLt C:' ~J:L~i <br /> <br />Estelle E. Gunkel, Mayor <br /> <br />ATTEST: <br /> <br />a,,/ Z? ~/L~ <br /> <br />Patrick D. Klaers, City Administrator <br /> <br />CAP:APO <br />