83-093 - 10-18 Transfer Funds from Utility Reserve to General FundResolution 83-93
October 18, 1983
Member Mitchell introduced the following resolution and moved its adoption:
RESOLUTION TRANSFERRING FUNDS FROM UTILITY RESERVE ACCOUNTS TO GENERAL FUND
WHEREAS, the City Council of the City of Golden Valley has determined that
certain capital needs of the City can best be funded by internal borrowing
rather than by the sale of bonds; and
WHEREAS, the Council has determined that funds are available in the City's
Utility Reserve Fund at this time which will not be required for use by the
utilities in the near future;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley that the sum of $910,000 be transferred to the City's General Fund from
the City's Utility Reserve Fund as an advance; and
BE IT FURTHER RESOLVED that the funds transferred above shall be repaid by
the General Fund to the Utility Reserve Fund in annual payments commencing in
1985 made December 31 of each year, together with interest at the rate of 10%
(ten percent) per annum on the unpaid balance of the advance; and
BE IT FURTHER RESOLVED that it is the intent of the Council that any future
excess profits from the Brookview Enterprise Fund be designated to repay any
remaining portion of the advance from the Utility Reserve Fund utilized for Golf
Course Improvements; and
BE IT FURTHER RESOLVED that the revenue portion of the 1983 Budget be amended
to reflect the effect of this resolution.
Rosemary Thorserp,-11 Mr
ATTEST:
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J Nal , Deputy Vity Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Johnson and upon a vote being taken thereon, the following 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.