15-99 - 12-15 - Transfer From Capitol Improvement Fund to Indebtedness Fund Resolution 15-99 December 15, 2015
Member Fonnest introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE TRANSFER FROM CAPITAL IMPROVEMENT
FUND $40,000 AND EQUIPMENT REPLACEMENT FUND $54,000 TO
CERTIFCATES OF INDEBTEDNESS FUND $94,000
WHEREAS, the monies of $40,000 received from the Capital Improvement Fund
and were from the decertification of Golden Hills Tax Increment Fund to finance CIP S-
035; and
WHEREAS, Resolution 15-76 amended the General Fund Budget and transferred
$54,000 to the Equipment Replacement Fund to finance CIP V&E-135; and
WHEREAS, the transfer of $94,000 to the Certificate of Indebtedness Fund to pay
for 2016 Debt Service Payments; and
WHEREAS, Council directed staff to lower the Total Tax Levy Payable by $129,000
at the December 1, 2015, Council Meeting by the above transfers and the reduction of the
2016 budget by $35,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley to authorize the transfer of $40,000 from the Capital Improvement Fund and
$54,000 from the Equipment Replacement Fund to the Certificate of Indebtedness Fund of
$94,000.
/7/01--z_.,,e..r .i-i4,01,4- 'b
Shep-rd M. Harris, Mayor
ATTEST:
(-412-il -0(A-€ Af
Kristine A Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Snope
and upon a vote being taken thereon, the following voted in favor thereof: Fonnest, Snope,
Clausen, Harris and Schmidgall 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 City Clerk.