79-07
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CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
RESOLUTION
DATE: February 5, 1979
RESOLUTION NO:
79-07
MOTION BY COUNCIL~urn: Neveaux
SECONDED BY COUNCIL~1AN: Geving
A RESOLUTION MAKING VARIOUS YEAR END ACCOUNTING ACTIONS
Subsection 1
WHEREAS, the combined bonds of 1976 tLs.t and 2nd) series and
bonds of 1977 financed the following projects:
Description
Endi ng
Balance, 12-31-78
Fund
e
Greenwood Shores $ 2,357.44
Frontier Trail 1,848.24
Schmid's Water - 583.54
Erie Avenue Sewer -1,770.17
Laredo Lane 1,174.68
Crestview Water -2,585.75
Remaining Balance + 440.90
AND, WHEREAS, fund 586 (75-11 Erie, Chan View and West 77th
Street Improvement Project) was additiona11v financed by these issues
and currently has a deficit fund balance - such being created by
cost overruns in excess of the engineer's estimate;
577
578
579
580
581
588
75-3
75-4
75-5
75-7
75-8
77-1
NOW, THEREFORE, Be it resolved that the above funds are authrozied
to be closed and any remaining b1anace of these funds is hereby
authorized to be transferred to Project 75-11.
Subsection 2
WHEREAS, The combined refinance bonds of 1978 was created to
finance debt of the bonds of 1971, bonds of 1972-73, bonds of 1976 Ust
and 2nd series), and bonds of 1977; and
WHEREAS, such combined refinance bonds of 1978 were anticipated to
include any una110cated construction monies remaining from the bonds of
1971 and ;1.976;
NOW, THEREFORE, Be it resolved that:
1). The remaining cash and investment balance in the bonds of
1971 una110cated (149,952.34 ); and
2). The cash and investment balances in the bonds of 1976
una110cated (74,681.89 ); and
4It 3). The remaining cash and investment balances of the bonds
of 1971 (46,674.76 ), the remaining cash and investment balances of
the bonds of 1972/73 (775,674.56 ), and the cash and investment
balances of bonds of 1976 (1,090,913.07).
.
.
are hereby authorized to be tnansferred to the refinance bonds of
1978.
Subsection 3
WHEREAS, fund 586 (75-11 Erie, Chan View and West 77th Street
Improvement Project) and fund 590 (Erie, Chan View Curb) was constructed
and assessed as one project;
NOW, THEREFORE, The combining of these funds, for accounting
purposes, is hereby authorized and the remaining cash balance of
fund 590 (3,038.58 ) is hereby authorized to be transferred to fund 586.
Subsection 4
WHEREAS, for the past several years the City has transferred
monies from construction accounts to the administrative trust fund
to reimburse the general fund for general administrative services
carried out during the construction of such projects and for collection
and accounting services during the term the project was to be assessed;
and,
WHEREAS, such resolution called for a percent of the total
construction cost to be transferred to such administrative trust fund;
e
NOW, THEREFORE, Be it resolved that the City Council reaffirms
the previous resolution authorizing transfers from construction funds,
on the same reducing percentage basis, however, modifies such
resolution to allow for such percentages to be applied against the
construction costs of that year rather than construction costs to
date - all in an effort to reduce potential errors and to simplify
accounting procedures.
Subsection 5
WHEREAS, the auditor's special report for debt service funds
showed $.17,080 due from sewer expansion to the bonds of 1966; and
WHEREAS, such audit report found the projected resources of the
bonds of 1966 to exceed debt service requirements by approximately
$7,000; and,
WHEREAS, approximately $3,000 has been transferred from the
sewer expansion to the bonds of 1966 since the audit report was
prepared;
NOW, THEREFORE, a transfer in the amount of $7,000 is hereby
authorized from the sewer expansion fund to the bonds of 1966 - such
eliminating all future transfers to such fund from sewer expansion.
Subsection 6
e
WHEREAS, city records reflect $7,145.40 being originally
anticipated to be transferred from the sewer expansion fund to the
bonds of 1967; and
WHEREAS, the city manager has projected the fund balance of the
bonds of 1967 to have a surplus cash balance of approximately $10,000
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at maturity ($hould the $7,145.40 be so transferred);
NOW, THEREFORE, The city council hereby sends all future transfers
from sewer expansion to the bonds of 1967.
Subsection 7
WHEREAS, the original debt service funding for the 1965 water
bonds (fund 503) was anticipated to require yearly transfers from
the water expansion fund; and
WHEREAS, the remaining transfers from water expansion currently
total approximately $11,700; and
WHEREAS, The City manager has projected the fund balance of
the bonds of 1965 to have a surplus balance (excluding such anticipated
water expansion transfers - $11,700);
NOW, THEREFORE, Be it resolved that all future transfers from
the water expansion fund to the 1965 water bonds are hereby rescinded.
Subsection 8
NOW BE IT RESOLVED That the following transfers on exhibit A
(attached) are hereby authorized.
Passed and adopted by the City Council of the City of Chanhassen
this
5th day of
February
, 1979.
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ATTE2(2) OrL~
Don As worth, City Manager
c'~_
~alter ~~
YES
NO
!-1ayor Hobbs
Councilman Neveaux
Councilman Geving
Councilman Matthews
Councilman Pearson - absent
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