16-72 - 11-01 - Authorize Transfer from Brookview Comm to Brookview Debt Resolution 16-72 November 1, 2016
Member Snope introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE TRANSFER OF $800,000
FROM THE BROOKVIEW COMMUNITY CENTER BUILDING FUND TO THE
BROOKVIEW DEBT SERVICE FUND OF $452,610 AND $347,390 TO THE BUILDING
IMPROVEMENT FUND
WHEREAS, the original transfer in December, 2015 of $1,000,000 to the Brookview
Community Center Building Fund from the Building Improvement Fund was to help finance
expenditures until the lease revenue bonds were sold. $200,000 will remain in this fund to
help finance the $18,200,000 construction budget for the new community center; and
WHEREAS, $452,610 will be transferred to the Brookview Debt Service Fund to
make the first payment on the lease to the Housing and Redevelopment Authority; and
WHEREAS, $347,390 will be transferred back to the Building Improvement Fund to
help finance future projects outlined in the capital improvement plan; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley to authorize the transfer of $800,000 from the Brookview Community Center
Building Fund to Brookview Community Center Debt Service Fund of $452,610 and
$347,390 to the Building Improvement Fund.
She and M. Harris, Mayor
ATTEST:
Kristine A Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Clausen
and upon a vote being taken thereon, the following voted in favor thereof: Harris, Snope,
Fonnest, Schmidgall and Clausen 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.