3.8. SR 05-02-2011REQUEST FOR ACTION
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TO ITEM NUMBER
Ci Council 3.8•
AGENDA SECTION MEETING DATE PREPARED BY
Consent Ma 2, 2011 Lori Ziemer, Asst. Finance Director
ITEM DESCRIPTION REVIEWED B)/
Resolution Authorizing The Transfer Of Equipment Certificates Tim Simon, Finance Director
Debt Service Funds REVIEWED BY
Lori ohnson, Ci Administrator
ACTION REQUESTED
Adopt the attached Resolution Authorizing the Transfer of Equipment Certificates Debt Service Funds.
BACKGROUND/DISCUSSION
The Equipment Certificates debt service fund was established to account for the accumulation of
resources to provide for the payment of principal and interest on equipment certificates issued to finance
the purchase of equipment. On February 1, 2011 the 2006B Equipment Certificates, the final equipment
certificate maturity, were repaid in full. The Equipment Certificates debt service fund is no longer needed
and the excess funds can be transferred to another fund. It is recommended that the excess debt service
funds be transferred to Fund 410 Equipment Replacement capital projects fund for the acquisition of
future capital equipment.
FINANCIAL IMPACT
The transfer amount is $3,117.29.
ATTACHMENTS
^ A Resolution Authorizing The Transfer of Equipment Certificates Debt Service Funds
Action Motion by Second by Vote
Follow Up
N:\Public Bodies\City Council\Coundl RCA\Agenda Packet\05-02-2011\Transfer Equip Cert.docx
RESOLUTION 1I-
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION AUTHORIZING THE TRANSFER OF EQUIPMENT
CERTIFICATES DEBT SERVICE FUNDS
WHEREAS, on February 1, 2011 the 2006B Equipment Certificates have been repaid in full; and,
WHEREAS, Fund 340 Equipment Certificates debt service fund is no longer utilized to account
for resources that are restricted for repayment of the debt the excess funds can be transferred to
another fund; and,
WHEREAS, The Ciry Council has reviewed the request to transfer the funds for the acquisition of
capital equipment and determined it to be a sound financial practice.
NOW, THEREFORE, BE IT RESOLVED that the Ciry Council of the City of Elk River
makes the following transfer of funds:
Fund 340 Equipment Certificates to Fund 410 Equipment Replacement
Passed and adopted this 2°d day of May 2011.
John J. Dietz, Mayor
ATTEST:
Tina Allard, Ciry Clerk