HomeMy WebLinkAbout17-144 Close Debt Service Fund 550 and 553
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 17-144
A RESOLUTION TO CLOSE DEBT SERVICE FUNDS 550 AND 553
Motion By: Thompson Second By: McGuire
WHEREAS, Debt Service Fund 550 was established in 2004 in conjunction with the
issuance of $2,700,000 of General Obligation Improvement Bonds, Series
2004. These bonds were issued for the 2004 street improvement project; and
WHEREAS, Debt Service Fund 553 was established in 2006 in conjunction with the
issuance of $1,225,000 of General Obligation Improvement Bonds, Series
2006A. These bonds were issued for the 2006 CSAH 82 improvement
project; and
WHEREAS, The G.O. Improvement Bond, Series 2004 bond was refunded with the G.O.
Improvement Refunding Bonds, Series 2011A; and
WHEREAS, The final debt service payments were made on December 1, 2014 and
February 1, 2017; and
WHEREAS, There are residual balances in cash, market value adjustment for investments,
and interest receivable; 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 municipali ty.
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. Debt Service Funds 550 and 553 are closed and all residual balances transferred to Debt
Service Fund 557, effective September 18, 2017.
PASSED AND ADOPTED THIS 18th DAY OF SEPTEMBER 2017.
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager