HomeMy WebLinkAboutCity Council Resolution 1981-839Councilmember Neils introduced the following Resolution and moved its
adoption:
Resolution No. 81- 839
Establishing the Project Administration Fund
WHEREAS, the City Council has a policy of levying an administrative charge which
is included in the cost of all special assessments levied, and
WHEREAS, the purpose of that levy is to reimburse and help defray accumulative and
future costs of administering the Special Assessment Bond Funds; and
WHEREAS, the funds collected to date reside within the various Special Assessment
Bond Funds; and
WHEREAS, State statutes prohibit the recording and charging of all expenditures
with the exception of applicable bond principal and interest payments as they mature
to such funds; and
WHEREAS, it is the desire of the City Council to make available these funds so that
appropriate expenditures can be recorded against them;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA
that a special fund to be known as Project Administration Fund be established in which
revenues assessed for the purpose as previously stipulated will be recorded and
appropriate expenditures made from it.