87-083 RES
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RESOLUTION 87 - 83
RESOLUTION OF THE CITY OF ELK RIVER
RESOLUTION AUTHORIZING TRANSFER OF FUNDS FROM THE 1977
IMPROVEMENT FUND TO THE CITY HALL RESERVE FUND
WHEREAS, the General Obligation Improvement Bonds of 1977 have
been retired; and,
WHEREAS, the General Obligation Improvement Bond Fund of 1977
has excess cash of approximately $4,500.00; and,
WHEREAS, Minnesota Statutes 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 Improvement
Fund of 1977 be transferred to the City Hall Reserve
Fund and the Improvement Fund of the 1977 be closed.
Passed and adopted this 21st day of December, 1987, by the City
Council of the City of Elk River.
6Jizll/ c~~ ~,J/{ ,'iT "1
Estelle E. Gunkel, Mayor
ATTEST:
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Patrick D. Klaers, City Administrator