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2004-02-11 CC Meeting
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2004-02-11 CC Meeting
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<br /> <br />Jervi{{e <br />'Esta6{islid 1857 <br /> <br />1880 :Main Street . Centerviffe,:M:J{ 55038 <br />(651) 429.3232 . ;Fa-rJ651} 429.8629 <br /> <br />STATE OF MINNESOTA <br /> <br />CO~ITOF~O~ ~ <br /> <br />CIIT OF CENTERVILLE . ?~ <br /> <br />RESOLUTION #04 - 011 1(~'Cv 1\ { , <br /> <br />A RESOLUTION AUmORlZING THE TRANSFER OF FUNDS IN THE <br />AMOUNT OF $50,000 FROM THE WATER FUND TO THE ELEMENTARY <br />WATER MAIN DEBT SERVICE FUND <br /> <br />WHEREAS, the City Council of the City ofCenterville wishes to call in the $410,000 <br />General Obligation Water Revenue Bonds, Series 1996, and payoff the remaining <br />principal payments in the amount of$190,000 plus accrued interest; and, <br /> <br />WHEREAS, the balance in the Elementary Water Main Debt Service Fund is <br />approximately $50,000 short of the amount that would be necessary to redeem the bonds. <br /> <br />THEREFORE, BE IT RESOLVED that Council hereby authorizes a temporary <br />transfer of $50,000 from the Water Fund to the Elementary Water Main Debt Service <br />Fund. <br /> <br />BE IT FURTHER RESOLVED that the transfer obligation will be repaid as deferred <br />assessments are received for the Elementary Water Main Project. After all assessments <br />related to the project have been received by the City and transferred back to the Water <br />Fund, the remaining balance due on the transfer will become a permanent transfer from <br />the Water Fund, unless otherwise designated by the Council. <br /> <br />PASSED AND ADOPTED by the City Council this 11th day ofFebmary, 2004. <br /> <br />Attest <br /> <br />City Clerk <br /> <br />Mayor <br />
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