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<br />City of Centerville <br />City Council Meeting <br />January 8, 2008 <br /> <br />To: <br /> <br />Mr. Dallas Larson, City Administrator <br />Honorable Mayor and Council Members <br /> <br />From: <br /> <br />John Meyer, Finance Director <br /> <br />Debt - Related Transfer <br /> <br />The City has called the $990,000 GO Improvement Bonds of 2001 (Pheasant Marsh I Debt Fund) and will <br />need to pay $673,762.50 before February 1, 2008. The Pheasant Marsh I Debt Fund has a current balance <br />of $426,549.25. The City will need to transfer $247,213.25 from the Pheasant Marsh II (which has an <br />excess) to the Pheasant Marsh I Debt Service Fund to complete the payoff. Traditionally, the audit firm has <br />transferred the necessary funding to the appropriate debt-service funds through adjusting journal entries at <br />year-end. However, the City should make this transfer to coincide with the redemption so the Council is <br />cognizant of the transaction. The following transfer should be made by resolution of the Council: <br /> <br />From: <br /> <br />To: <br /> <br />Pheasant Marsh II Debt Service $247,213.25 <br /> <br />Pheasant Marsh I Debt Service <br /> <br />$247,213.25 <br /> <br />(to provide for redemption of the $990,000 G.O. Improvement Bonds of 2001) <br /> <br />/1 <br />