HomeMy WebLinkAbout14-108 Close Debt Service Fund 547
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 14-108
A RESOLUTION TO CLOSE DEBT SERVICE FUND 547
Motion By: Soukup Second By: Keeney
WHEREAS, Debt Service Fund 547 was established in 2003 in conjunction with the
issuance of $1,975,000 of General Obligation Improvement Bonds, Series
2003. These bonds were issued for the improvement project in the
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150/Mitchell/Condons neighborhood; and
WHEREAS, The G.O. Improvement Bond, Series 2003 bond was refunded in with the G.O.
Improvement Refunding Bonds, Series 2009B; and
WHEREAS, The final debt service payment was made on December 1, 2013; and
WHEREAS, There are residual balances in cash, market value adjustment for investments,
receivables for special assessments and taxes, 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 any other general purpose by
the municipality.
NOWTHEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. Debt Service Fund 547 is closed and all residual balances transferred to the General Fund
for purposes of property acquisition, effective July 14, 2014.
PASSED AND ADOPTED THIS 14 DAY OF JULY 2014.
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VOTE Hedberg Keeney McGuire Morton Soukup
Aye
☒☒☒☒☒
Nay
☐☐☐☐☐
Absent
☐☐☐☐☐
Abstain
☐☐☐☐☐
______________________________
Frank Boyles, City Manager
M:\\City Council\\Resolutions\\2014\\14-108 Close Debt Service Fund 547.docx