HomeMy WebLinkAbout19-033 Close Debt Service Fund 554 and 555
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 19-033
A RESOLUTION TO CLOSE DEBT SERVICE FUNDS 554 AND 555
Motion By: Briggs Second By: Braid
WHEREAS, Debt Service Fund 554 was established in 2007 in conjunction with the
issuance of $1,400,000 of General Obligation Street Reconstruction Bonds,
Series 2007B. These bonds were issued for the 2007 street reconstruction
project; and
WHEREAS, Debt Service Fund 555 was established in 2008 in conjunction with the
issuance of $1,300,000 of General Obligation Improvement Bonds, Series
2008B. These bonds were issued for the Brooksville Hills project; and
WHEREAS, The G.O. Improvement Bond, Series 2008B bond was refunded with the G.O.
Bonds, Series 2014A; and
WHEREAS, The final debt service payments were made on December 15, 2017 and
December 15, 2018; and
WHEREAS, There are residual balances in cash, market value adjustment for investments,
interest receivable, and deferred assessments; 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 .
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 554 and 555 are closed and all residual balances transferred to Debt
Service Funds 556 and 557, respectively, effective December 31, 2018.
PASSED AND ADOPTED THIS 4th DAY OF MARCH 2019.
VOTE Briggs Thompson Braid Burkart Erickson
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
______________________________
Michael Plante, City Manager