87-045 RES
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RESOLUTION 87 - 45
RESOLUTION OF THE CITY OF ELK RIVER
RESOLUTION AUTHORIZING CLOSING AND TRANSFERRING FUNDS IN
THE GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BOND FUND
OF 1977 TO THE EQUIPMENT RESERVE FUND
WHEREAS, the General Obligation Refunding and Improvement
Bonds of 1977 were defeased on August 12, 1987, and;
WHEREAS, the General Obligation Refunding and Improvement Bond
Fund of 1977 has excess cash of approximately
$73,350.00 after final settlement, and;
WHEREAS, Minnesota Statutes Sections 435.203 and 475.61 subd.
4 allow for the transfer of these funds for any
general purpose, and;
WHEREAS, the City Council deems it advisable to supplement the
Equipment Reserve Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council, of the City
of Elk River, that any remaining funds in the General
Obligation Refunding and Improvement Bond Fund of
1977 be transferred to the Equipment Reserve Fund for
capital equipment purchases and that the General
Obligation Refunding and Improvement and Bond Fund of
1977 be closed.
Passed and adopted by the City Council of the City of Elk
River, Minnesota, this 24th day of August, 1987.
C-tuJJ ~~ Ji~;yJuJ
Estelle E. Gunkel, Mayor
ATTEST:
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Patrick D. Klaers, City Administrator
CAP:AP1