#053 07-21-81 Transfer Balance of Sinking FundResolution #53
July 21, 1981
Member Johnson introduced and read the following resolution and moved its adoption:
RESOLUTION
Transfer of Balance of Sinking Fund
WHEREAS, the bond fund known as the Second Series of 1957 Sinking
Fund was created to record the collection of assessments financed by the
bonds issued under the authority of the same resolution and subsequent
issues designated to be a part of that fund and,
WHEREAS, all bonds of said issues are now paid off and,
WHEREAS, a fund balance exists in the fund which was accumulated
through collection of the excess assessments stipulated by Chapter 429 of
the State Statute and favorable interest earnings by the cash held in the
fund and,
WHEREAS, the bonds originally issued in connection with this fund
were for the purposes of public improvements; now therefore
BE IT RESOLVED by the City Council of the City of Golden Valley
that the City Treasurer is authorized and directed to transfer all remaining
balances in the Second Series of 1957 Sinking Fund to the Public Works Reserve
Fund effective January 1, 1981 to be used as provided for expenditures of that
fund.
R EMARY TH MAYOR
ATTEST:
4
—,F'PUTY CITY C RK
.
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The Motion for the adoption of the foregoing resolution was duly seconded by Member
Mitchell, and upon vote being taken thereon, the following members voted in favor
thereof: Anderson, Johnson, Mitchell, Stockman and Thorsen, and the following
voted against the same: none, whereupon said resolution was declared duly passed
and adopted, signed by the Mayor, and her signature attested by the Deputy City
Clerk.
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