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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 87 - 45 <br /> <br />RESOLUTION OF THE CITY OF ELK RIVER <br /> <br />RESOLUTION AUTHORIZING CLOSING AND TRANSFERRING FUNDS IN <br />THE GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BOND FUND <br />OF 1977 TO THE EQUIPMENT RESERVE FUND <br /> <br />WHEREAS, the General Obligation Refunding and Improvement <br />Bonds of 1977 were defeased on August 12, 1987, and; <br /> <br />WHEREAS, the General Obligation Refunding and Improvement Bond <br />Fund of 1977 has excess cash of approximately <br />$73,350.00 after final settlement, and; <br /> <br />WHEREAS, Minnesota Statutes Sections 435.203 and 475.61 subd. <br />4 allow for the transfer of these funds for any <br />general purpose, and; <br /> <br />WHEREAS, the City Council deems it advisable to supplement the <br />Equipment Reserve Fund. <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 />1977 be transferred to the Equipment Reserve Fund for <br />capital equipment purchases and that the General <br />Obligation Refunding and Improvement and Bond Fund of <br />1977 be closed. <br /> <br />Passed and adopted by the City Council of the City of Elk <br />River, Minnesota, this 24th day of August, 1987. <br /> <br />C-tuJJ ~~ Ji~;yJuJ <br />Estelle E. Gunkel, Mayor <br /> <br />ATTEST: <br /> <br />l#~Z? V~ <br /> <br />Patrick D. Klaers, City Administrator <br /> <br />CAP:AP1 <br />