HRA RES 2011-12 - 14876RESOLUTION NO. 2011-12
RESOLUTION COMMITTING SPECIFIC REVENUE SOURCES
IN THE HOUSING LOAN SPECIAL REVENUE FUND
WHEREAS, the Governmental Accounting Standards Board's Statement #54 definition of
special revenue funds states that special revenue funds are used to account for and report the
proceeds of specific revenue sources that are restricted or committed to expenditures for specified
purposes other than debt service or capital projects; and,
WHEREAS, the term "proceeds of specific revenue sources" establishes that one or more specific
restricted or committed revenues should be the foundation for a special revenue fund and
comprise a substantial portion of the fund's revenues; and,
WHEREAS, investment earnings and transfers from other funds do not meet the definition of a
specific revenue source; and,
WHEREAS, board action is required to formalize the commitment of the specific revenue sources
to specified purposes.
NOW, THEREFORE BE IT RESOLVED by the Commissioners of the Fridley Housing and
Redevelopment Authority, in and for the City of Fridley, that effective December 31, 2011, the
specific revenue source of each special revenue fund and the specific purposes for which they are
committed are as follows:
PASSED AND ADOPTED BY THE FRIDLEY HOUSING AND REDEVELOPMENT
AUTHORITY,IN AND FOR THE CITY OF FRIDLEY THIS 1ST DAY OF DECEMBER, 2011.
Lawrence R Commers, Chairperson
ATTEST:
William W. Burns, Executive Director