09-12 - 02-17 - Transfers from General Fund
Resolution 09-12
February 17, 2009
Member Pentel introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE TRANSFER OF $1,000,000 FROM THE
GENERAL FUND TO THE EQUIPMENT REPLACEMENT FUND ($500,000), STREET
DEBT SERVICE FUND ($200,000) AND PARK IMPROVEMENT FUND ($300,000)
WHEREAS, the transfer of $500,000 to the Equipment Replacement Fund would
finance the replacement of fire pumper unit number 331 which is twenty-two years old. This
transfer will eliminate the need for one of the two equipment certificates of indebtedness as
outlined in the 2009-2013 Capital Improvement Program.
WHEREAS, the transfer of $200,000 to the Street Debt Service Fund would finance
future debt service payments as outlined in the City's Capital Improvement Program.
WHEREAS, the transfer of $300,000 to the Park Improvement Fund would finance
future improvements to the Parks and reduce the transfer from the General FUQd for those
needs as outlined in the City's Capital Improvement Program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley to authorize the transfer of $1,000,000 from the General Fund to the Equipment
Replacement Fund ($500,000), Street Debt Service Fund ($200,000) and Park
Improvement Fund ($300,000).
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Linda R. Loomis, Mayor
ATTEST:
The motion for the adoption of the foregoing resolution was seconded by Member Shaffer
and upon a vote being taken thereon, the following voted in favor thereof: Freiberg,
Loomis, Pentel, Scanlon and Shaffer; 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 City Clerk.