HomeMy WebLinkAbout16-024 2015 Year End Transfer - Crest Avenue Rehab Project
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 16-024
A RESOLUTION AUTHORIZING THE TRANSFER OF UNEXPENDED FUNDS FROM THE
CONSTRUCTION FUND FOR THE CREST AVENUE STREET RECONSTRUCTION PROJECT TO THE
CREST AVENUE RECONSTRUCTION PROJECT DEBT SERVICE FUND
Motion By: Keeney Second By: McGuire
WHEREAS, Bonds were issued in 2014 for the Crest Avenue Rehab Street Reconstruction Project.
WHEREAS, The 2014A bond resolution No. 14-127 indicates that, if upon completion of the Street
Reconstruction Improvements there shall remain any unexpended balance in the Construction
Fund, the balance may be transferred by the Council to the Debt Service Fund for the Crest
Avenue Rehab Street Reconstruction Project.
WHEREAS, The Crest Ave Rehab project (Fund 501-Project TRN14-000002) has bond proceeds in excess
of project costs. This excess project balance of $135,075.69 is due to project costs coming in
under budgeted projections.
WHEREAS, Transfers of excess funds to debt service funds help keep the debt service component of the
City’s tax levy flat.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The transfer of funds of $135,075.69 is hereby authorized to be made from the Construction Fund
(501-43500.00 project TRN14-000002) to the 2014A (Crest Avenue Rehab) Bond Debt Service Fund
561 effective as of December 31, 2015.
PASSED AND ADOPTED THIS 22th DAY OF February 2016.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
The motion carried.
______________________________
Frank Boyles, City Manager