87-082 RES
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RESOLUTION 87 - 82
RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE
GENERAL OBLIGATION IMPROVEMENT BOND FUND OF 1976 TO
THE CITY HALL RESERVE FUND
WHEREAS, the General Obligation Improvement Bonds of 1976 have
been retired; and,
WHEREAS, the General Obligation Improvement Bond Fund of 1976
has excess cash of approximately $18,000.00; and,
WHEREAS, Minnesota Statute Sections 435.203 and 475.61
Subdivision 4 allow for the transfer of these funds for
any general purpose; and,
WHEREAS, the City Council deems it necessary to create a City
Hall Reserve Fund for the future construction of a
permanent City Hall facility.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Elk River that any remaining funds in the General
Obligation Improvement Bond Fund of 1976 be transferred
to the City Hall Reserve Fund and the General
Obligation Improvement Bond Fund of 1976 be closed.
Passed and adopted this 21st day of December, 1987, by the City
Council of the City of Elk River.
ATTEST:
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Estelle E. Gunkel, Mayor
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Patrick D. Klaers, City Administrator