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Last modified
7/17/2007 9:25:13 AM
Creation date
5/13/2005 3:03:05 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
10287
Resolution Title
AUTHORIZING THE TRANSFER OF FUNDS FROM THE ECONOMIC INCREMENTS CONSTRUCTION FUND TO THE TAX INCREMENT FINANCING (TIF) BOND FUND, AND CLOSING THE TIF BOND FUND
Resolution Date Passed
4/11/2005
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<br />EXTRACT OF MINUTES OF MEETING OF THE <br />CITY COUNCIL OF THE CITY OF ROSEVILLE <br /> <br />* * * * * * * * * * * <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Roseville, County of Ramsey, Mimlesota was duly held on the 11th day of April 2005 at 6:00 <br />p.m. <br /> <br />The following members were present: Ihlan, Maschka, Schroeder, Kough and Klausing. <br />and the following were absent: none. <br /> <br />Member Maschka introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION No. 10287 <br /> <br />RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE <br />ECONOMIC INCREMENTS CONSTRUCTION FUND TO THE TAX INCREMENT <br />FINANCING (TIF) BOND FUND, AND CLOSING THE TIF BOND FUND <br /> <br />WHEREAS, the City has taken previous action to retire all outstanding tax increment financing <br />(TIP) debt; and <br /> <br />WHEREAS, the Council has previously determined it appropriate to transfer excess monies from <br />its Economic Increments Construction Fund to the TIP Bond Fund to provide for the debt <br />retirement; and <br /> <br />WHEREAS, the Council desires to make the final general ledger entries to officially close the <br />TIP Bond Fund. <br /> <br />NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, <br />Minnesota, as follows: <br /> <br />1) The transfer of $2,214,311 from the Economic Increments Construction Fund to the TIP <br />Bond Fund is hereby authorized. <br /> <br />2) The TIF Bond Fund, upon recelvmg the necessary funds to meet all outstanding <br />obligations, is hereby closed. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded by member Kough <br />and upon a vote being taken thereon, the following voted in favor thereof: Ihlan, Maschka, <br />Schroeder, Kough and Klausing <br /> <br />and the following voted against the same: none. <br /> <br />WHEREUPON, said resolution was declared duly passed and adopted. <br />
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