78-14
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CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
RESOLUTION
March 20, 1978
RESOLUTION NO:
78-14
DATE:
MOTION BY COUNCIL~mN:
Neveaux
SECONDED BY COUNCILMAN: Geving
A RESOLUTION CLOSING FINANCIAL ACCOUNTS AND MAKING CERTAIN TRANSFERS
OF FUNDS.
Subsection 1.
WHEREAS, The special study of Bond Issue funding completed
by M. J. Long and Company, dated January 27, 1977, reflects projected
balances of the 1966-1 Bond fund to have sufficient monies if $7,080.
in transfers from the sewer expansion fund are deleted; and
WHEREAS, $3,700 was transferred from the sewer expansion fund
in 1976 to bonds of 1966-1; and
WHEREAS, Sufficient money exists within the sewer expansion
fund to pay all future necessary transfers to the bonds of 1966-1
~ from such sewer expansion fund.
NOW, THEREFORE, BE IT RESOLVED, That the City Council authorizes
a transfer of $6,300 from the sewer expansion fund in 1978 to the
1966-1 bond fund and that such transfer eliminates all future transfers
from sewer expansion to such 1966-1 bond fund.
Subsection 2.
WHEREAS, The special study of bond issue funding prepared by
M. J. Long and Company reflects that adequate financing for the 67-2,3,4
bonds will exist if all future transfers from the sewer expansion fund
are deleted (totaling $8,336.10) such being reduced by the $1,608
transferred in in 1976;
NOW, THEREFORE, BE IT RESOLVED, That the City Council of the
City of Chanhassen hereby deletes all future transfers from sewer
expansion to the bond fund of 1967-2, 3 and 4.
Subsection 3.
WHEREAS, the special study by M. J. Long projects a cash balance
of $20,500 in the water bond fund of 1965 (including $13,090 due from
the water expansion fund); and
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WHEREAS, Such $20,510 surplus cash balance is neither necessary
nor required;
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NOW, THEREFORE, BE IT RESOLVED, That the City Council of the City
of Chanhassen hereby deletes all future transfers from the water
expansion fund to the 1965 water bond issue.
Subsection 4.
WHEREAS, The special report from M. J. Long reflects the amount
owed the 1971 bond issue from the sewer expansion fund as $35,258.67;
and
WHEREAS, The remaining amount owed to the 71 bond issue, after
transfers made in 1977 is $26,209.98 in principal and $1,572.60 in
interest; and
WHEREAS, Sufficient monies exist within the sewer expansion fund
to pay all future principal and interest payments to the 71 bond issue;
NOW, THEREFORE, BE IT RESOLVED, That the City Council of the City
of Chanhassen hereby authorizes a transfer of $26,209.98 in principal and
$1,572.60 in interest from the sewer expansion fund to the bonds of
1971.
Passed and adopted by the City Council of the City of Chanhassen
this
, 1978.
day of
March
20th
ATTEST:a.. Ga... ..
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Don Ashworth, 'Clty Manager
~~~-
alter Hobbs, Mayor
YES
NO
Mayor Hobbs
Councilman Neveaux
Councilman Geving
Councilman Waritz
Councilman Pearson - ABSENT