HomeMy WebLinkAboutCity Council Resolution 1985-899CIT1l 0! !LY![OUTg
Pursuant to due call and notice thereof, a regular meeting of the City
Council of the City of Plymouth, Minnesota was held on the 4th day
of�Uv mber , 1985. The following -erp Nere present: Mayor Davenport,
Councilmen ers Neils, Schneider, Crain andllasiliou
The following members were absent: _ none
Councilmember Vasiliou introduced the following Resolution and moved
its adoption:
RESOLUTION NO. 85- 899
AUTHORIZING THE TRANSFER OF FUNDS FROM THE UTILITY TRUNK FUND TO THE
1966 SPECIAL ASSESSMENT BOND FUNS
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 has been determined by this Council that the most equitable and
reasonable way of financing said improvements is through a combination of area
charges upon 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
10 amount of $1,458,377 a 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 Speciai Assessment Fund based on the adopted
amortization schedule.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmember Schneider , and upon vote being taken thereon the
following voted in favor thereof: Mayor Davenport, Councilmembers (Veils,
Schneider, Crain and Vasiliou
The following voted against or abstained: none
Whereupon the Resolution was declared duly passed and adopted.