HomeMy WebLinkAboutCity Council Resolution 1977-426CITY OF PLYMOUTH
Pursuant to due call and notice thereof, aregular meeting of
the City Council of the City of Plyyr-, h, Minnesota was a on the
15th day of August ,'1977 . The following members were
present: _mayor HildeI H nt. Neils. Seibold and Spaeth
The following members were absent: None
Councilmar4 Hunt introduced the following Resolution and moved
.itsadoption:
RESOLUTI'DA N0, 77-426
AUTHORIZING REIMBURSEMENT TO GENERAL FUND
WHEREAS, the City Council has previously levied ad valorem taxes in the years
1972, 173 and 1974 for the support of the City's Sanitary Sewer Fund, and
WHEREAS, the City Council deems it appropriate to reimburse the City's General
Fund from the Sanitary Sewer Operating Fund for the previous ad valorem
contributions plus accrued interest, and
WHEREAS, the City Manager has submitted a report, dated August 10, indicating
the amount of such principal and interest totals $326,475;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA that the sum of $326,475 be transferred from the Sanitary
Sewer Operating Fund to the General Fund representing the reimbursement to the
General Fund of monies previously levied and collected on ad valorem basis in
support of the Sanitary Sewer Operating Fund.
BE IT FURTHER RESOLVED that should any or all of such transfer occur after the
date of this resolution, it shall further accrue interest at the average rate
earned by surplus fund investments to date of actual transfer.
The motion for the adoption of the foregoing Resolution was duly seconded
by Councilman Spaeth , and upon vote being taken thereon, the
fold gvoted In. favor t erect: Mayor Hilde, Councilmen Hunt, Neils,
Seibold and Spaeth
The following voted against or abstained: Nnnp
Whereupon the Resolution was declared duly pass pte .