HomeMy WebLinkAboutCity Council Resolution 1981-834Qyncjjmember Neils introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 81-834
AUTHORIZING THE TRANSFER OF FUNDS FROM THE UTILITY TRUNK FUND TO THE 1966 SPECIAL
ASSESSMENT BOND FUND
WHEREAS, the City has obligated itself financially for the construction of sanitary •
sewer interceptors, trunks, forcemains and lift stations and water trunkmains,
pumping and storage facilities for the benefit of present and future residents, and
WHEREAS, it ;as been determined by this Council that the most equitable and reasonable
s
way of financing said improvements is through a combination of area charges upor, land
benefited by such improvements as well as connection charges for specific uses, and
WHEREAS, the 1977 audit established that a deficit in the amount -of $1,458,377 exists
in the 1966 Special Assessment Bond Fund as a result of project costs which have not
been assessed, and
WHEREAS, the Finance Director was authorized to record as a liability the amount of
$1,458,377 due to the 1966 Special Assessment Bond Fund from the Utility Trunk Fund
in the official financial statement of the City of Plymouth.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA
that the Finance Director is authorized to transfer $153,130 from the Utility Trunk
Fund to the 1966 Special Assessment Fund based on the adopted amortization schedule.
B