87-046 RES
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RESOLUTION 87 - 46
RESOLUTION OF THE CITY OF ELK RIVER
RESOLUTION AUTHORIZING TRANSFER OF FUNDS FROM THE GENERAL
OBLIGATION IMPROVEMENT BOND FUND OF 1982 TO THE
SELF INSURANCE FUND
WHEREAS, the General Obligation Refunding and Improvement
Bonds of 1982 were defeased on August 12, 1987, and;
WHEREAS, the General Obligation Refunding and Improvement Bond
Fund of 1982 has excess cash of approximately
$53,450.00 after final settlement, and;
WHEREAS, Minnesota Statutes Section 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 necessary to create a self
insurance fund for the purpose of future self
insurance and litigation protection for the City.
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
1982 be transferred to the Self Insurance Fund and
the General Obligation Refunding and Improvement Bond
Fund of 1982 be closed.
Passed and adopted by the City Council of Elk River, Minnesota,
this 24th day of August, 1987.
CddLt C:' ~J:L~i
Estelle E. Gunkel, Mayor
ATTEST:
a,,/ Z? ~/L~
Patrick D. Klaers, City Administrator
CAP:APO