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Res. #14 -046' <br /> A RESOLUTION AUTHORIZING PROCEEDS FROM LAND SALES TO DEBT <br /> SERVICE FUND <br /> WHEREAS, the City Council issued improvement bonds (accounted for in Fund Number <br /> 348) to finance the improvement of Commerce Drive, and <br /> WHEREAS, the source of funds for repayment of this bonded debt was projected to <br /> include sale of land for commercial development and <br /> WHEREAS, significant new development is not anticipated in the foreseeable future, and <br /> the anticipated proceeds from the sale of the land will likely be much less than originally <br /> anticipated, thus cash from other sources is needed to pay the debt, and <br /> WHEREAS, the Council determined that seven properties identified on the attached <br /> Exhibit A, owned by the City were designated as surplus and available for sale, and <br /> WHEREAS, the Council determines that the proceeds from the sale of these parcels <br /> should all be designated to Fund #348 until sufficient funds are available to retire the <br /> bonds. <br /> NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF <br /> CENTERVILLE, MINNESOTA: <br /> 1. The City Council hereby commits the proceeds from sale of parcels of real <br /> estate to Fund 348, until sufficient funds are available to retire the debt. <br /> 2. The Council hereby authorizes a transfer from the General Fund to Fund <br /> #348, a portion of the anticipated budget surplus for the year 2013, in the <br /> amount $30,000. <br /> Adopted by the City Council this 4r day of , 2014. <br /> <br /> Tom Wilharber, Mayor <br /> L_ Attest: ) <br /> Teresa Bender, City Clerk <br />