HomeMy WebLinkAbout6.n. Debt Service TransfersCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: December 18, 2001
AGENDA ITEM: Debt Service Transfers
AGENDA SECTION:
Consent
PREPARED BY: 'Jeff May, Finance Director
AGEN < , -.. .
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ATTACHMENTS: Resolution
APPROVED BY:
Attached for your consideration is a resolution authorizing the transfer of surplus debt service funds
for the G.O. Improvement Bonds, 1993B, which were paid off earlier this year, to five other
improvement bond issues that all have deficits or will have deficits before their final payments. These
deficits are all attributable to the prepayment of special assessments on these bonds. The
prepayments are a result of the rapid growth the City has experienced the last ten plus years. The
investment earnings are less than what we would have received with the installment payments we
would have received from the special assessment payments over the course of the assessments.
The City Attorney has reviewed this item and he prepared the resolution for your consideration this
evening.
RECOMMENDED ACTION:
Motion to adopt A RESOLUTION AUTHORIZING THE TRANSFER OF DEBT SERVICE FUNDS.
COUNCIL ACTION:
_
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2001 -
A RESOLUTION AUTHORIZING THE TRANSFER OF
DEBT SERVICE FUNDS
WHEREAS, the obligations payable from the debt service fund for the General
Obligation Improvement Refunding Bonds, 1993B, have been paid in full; and
WHEREAS, there are surplus funds in said debt service fund; and
WHEREAS, Minnesota Statutes, Section 475.61, Subd. 4 authorizes the transfer of
funds remaining in debt service funds, after obligations payable therefrom have been
paid in full, to any other general purpose of the City; and
WHEREAS, the City has determined that it is in the best interests of the City to transfer
the surplus funds from said debt service fund to other funds as hereinafter set forth;
NOW, THEREFORE, be it resolved by the City Council of the City of Rosemount as
follows:
1. All surplus funds remaining in the debt service fund for the General Obligation
Improvement Refunding Bonds, 19938, including all funds received by said debt
service fund in the future shall be transferred as follows:
a. Funds shall be transferred in the amounts sufficient to pay all obligations
payable from the following funds:
General Obligation Improvement Bonds, 1991A
ii. General Obligation Improvement Bonds, 1991 B
iii. • General Obligation Improvement Bonds, 1992A
iv. General Obligation Improvement Bonds, 1992D
b. All future collections and all funds received in any of the aforementioned
funds in excess of the amounts needed to satisfy all obligations payable
therefrom shall be paid to the debt service fund for the General Obligation
Improvement Bonds, 1993A.
RESOLUTION -
ADOPTED this 18 day of December, 2001.
Cathy Busho, Mayor
ATTEST:
Linda J. Jentink, City Clerk
CERTIFICATION
I hereby certify that the foregoing is a true and correct copy of a resolution presented to
and adopted bX the City Council of Rosemount at a duly authorized meeting thereof,
held on the 18 day of December, 2001, as disclosed by the records of said City in my
possession.
(SEAL)
Linda J. Jentink, Rosemount City Clerk
Motion by: Seconded by:
Voted in Favor:
Voted Against:
Members Absent: