89-072 RES
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RESOLUTION 89- 72
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION AUTHORIZING THE CLOSING OF THE 1973
IMPROVEMENT BOND FUND, TWO PROJECT FUNDS AND THE
VANDENBERG LIBRARY TRUST FUND
WHEREAS, the 1973 Improvement Bond Fund was retired in 1987
and the only remaining revenue will come from
delinquent special assessments, and;
WHEREAS, Minnesota Statutes Sections 435.203 and 475.61 subd.
4 allow for the transfer of debt service funds for
any general purpose as determined by the City
Council; and,
WHEREAS, the CSAH 42 Bridge Project was completed in 1986 and
no additional activity will occur; and,
WHEREAS, the Elk Hills Signal Project was completed in 1988
and the only remaining activity is the receipt of
additional MSA funds which are now unavailable due to
a court claim with the State of Minnesota; and,
WHEREAS, when the remaining Elk Hills Signal Project MSA funds
are received, they will be received into the Capital
Projects Funds; and,
WHEREAS, the VandenBerg Library Trust Fund has been depleted
with the exception of approximately $400 which will
be transferred into the Library Reserve Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Elk River that the following funds be closed and
the remaining cash balance or deficit be transferred
as stated below:
Fund to be Closed
Approximate
Fund Balance
Closed To
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1973 Improvement Bond
CSAH 42 Bridge Project
Elk Hills Signal Project
VandenBerg Library Trust
$(2,700)
9,100
(6,500)
400
Self Insurance Reserve
Capital Project Fund
Capital Project Fund
Library Fund
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Passed and adopted by the City Council of the City of Elk River
this 18th day of December, 1989. I //?
~ 4- -Z;~C
James A. Tralle, Mayor
ATTEST:
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EXTRACT OF MINUTES OF MEETING OF THE
CITY COUNCIL OF THE CITY OF
ELK RIVER, MINNESOTA
Pursuant to due call and notice thereof, a regular meeting
of the City Council of the City of Elk River, Minnesota, was
held at the Elk River Library in the City on the 18th day of
December, 1989, at 7:00 o'clock p.m.
The following members were present: Mayor Tralle, Councilmembers
Holmgren, Schuldt, Dobel, and Kropuenske
and the following members were absent: None
councilmember Kropuenske introduced the following
resolution and moved its adoption: