Res 1990-101 2
RESOLUTION NO. 101 - 1990
A RESOLUTION AUTHORIZING THE TRANSFER OF RESIDUAL CASH
AND INVESTMENT BALANCES FROM VARIOUS DEBT SERVICE FUNDS TO
THE IMPROVEMENT BONDS OF 1980 AND THE CLOSED DEBT SERVICE FUND
WHEREAS, The City of Fridley established the following debt service
funds to account for the servicing of debt issued for public
improvements and refunding purposes: in 1975 the General Obligation
Refunding Bonds Debt Service Fund; in 1976 the Improvement Bonds
of 1976 Debt Service Fund; in 1977 the Improvement Bonds of 1977
Debt Service Fund; and in 1980 the Improvement Bonds of 1980 Debt
Service Fund; and
WHEREAS, the payment of all bonds and related interest for the
above three debt service funds was completed in 1989, 1990 and 1989
respectively; and
WHEREAS, the remaining balances in the debt service funds as of
December 31, 1990 should first be transferred to the Improvement
Bonds of 1980 and the Closed Debt Service Fund.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of Fridley authorizes the transfer of:
1. $160, 000. 00 in the General Obligation Refunding Bonds of 1975
Debt Service Fund to the Improvement Bonds of 1980 Fund; and
2. $279, 007.45 in the General Obligation Refunding Bonds of 1975
Debt Service Fund plus any allocated interest income for 1990
as of December 31, 1990 to the Closed Debt Service Fund;
3 . $586,994 . 66 in the Improvement Bonds of 1976 Debt Service Fund
plus any allocated interest income for 1990 as of December 31,
1990 to the Closed Debt Service Fund; and
4 . $671,491. 12 in the Improvement Bonds of 1977 Debt Service Fund
plus any allocated interest income for 1990 as of December 31,
1990 to the Closed Debt Service Fund.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
10TH DAY OF DECEMBER, 1990.
tjtjj‘..44°`-
WILLIAM J. 612-- MAYOR
ATTEST:
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SHIRLEY A HAAPALA CITY CLERK