#429 10-02-72 Transfer Sinking Funds for Construction Deficits32f�
Resolution No. 429 October 2, 1972
Member Ulstad introduced the following resolution and MOVED its adoption:
RESOLUTION PROVIDING FOR TRANSFER OF FUNDS
FROM SINKING FUNDS FOR CONSTRUCTION FUND
DEFICITS
WHEREAS The Village of Golden Valley did cause to be created the Lateral
Sewer #1 Construction Fund and the Lateral Sewer Ac Construction Fund which
were to receive proceeds of Bonds issued for construction and pay the costs of
construction therefrom, and,
WHEREAS, construction costs exceeded the amount of bonds issued in these
funds, although assessments were spread in a sufficient amount, and,
WHEREAS, all bonds issued and payable from the related sinking funds have
now been paid or called with funds placed in escrow with the paying agent to
redeem them, NOW THEREFORE,
BE IT RESOLVED, That the Village Treasurer is authorized and directed to
transfer the following sums:
1. From Lateral Sewer #1 Sinking Fund to Lateral Sewer
#1 Construction Fund, the sum of $32,348.59.
2. From Third Series of 1957 Sinking Fund to Lateral
Sewer Ac Construction Fund, the sum of $130659.573
and
BE IT FURTHER RESOLVED That the Treasurer is directed to close the
affected Construction Funds.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was duly seconded by
Member Stockman, and upon vote being taken thereon, the following voted in
favor thereof: Hoover, Paulson, Riggs, Stockman, and Ulstad; and the
following voted against the same: None, whereupon said resolution was declared
duly passed and adopted, signed by the Mayor, and his signature attested by
the Village Clerk.
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