HomeMy WebLinkAbout12-028 Close Debt Service Fund 545
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 2 - 028
A RESOLUTION
TO CLOSE DEBT SERVICE FUND 545
Motion By: Hedberg Second By: Soukup
WHEREAS, Debt Service Fund 545 was established in 2001 in conjunction with the issuance
of $1,035,000 of General Obligation Improvement Bonds, Series 2 001 for the
road reconstruction project in the Frog Town neighbo r hood; and
WHEREAS, The final debt service payment was made on December 1, 2011; and
WHEREAS, There are minimal residual balances in cash, market value adjustment for
investments, receiva bles for special assessments and taxes, a c counts payable,
etc.; and
WHEREAS, Minnesota State Statute 475.61, subd (4a) provides that any surplus remaining
in a debt service fund when the obligations and interest thereon are paid
may be appropriated to a ny other general purpose by the m u nicipality.
NOW THEREFORE , BE IT HEREBY RESOLVE D BY THE CITY COUNCI L OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. Debt Service Fund 545 is closed and all residual balances t ransferred to Debt Service Fund
547, effective December 31, 2011.
PASSED AND ADOPTED THIS 19th DAY OF MARCH 201 2 .
YES NO
Myser X Myser
Erickson X Erickson
Hedberg X Hedberg
Keeney X Keeney
Soukup X Soukup
_________________ _____________
Frank Boyles, City Manager
C: \ DOCUME~1 \ cgreen \ LOCALS~1 \ Temp \ ELF20120320_110709 \ 12 - 028 Close Debt Service Fund 545.doc