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02-023
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02-023
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<br />\ ,,- <br /> <br />RESOLUTION NO.02-023 <br /> <br />.- <br /> <br />, <br /> <br />CITY OF NEW BRIGHTON <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE WATER <br />UTILITY AND ENVIRONMENTAL RESTORATION FUND TO CLOSE <br />CONSTRUCTION FUNDS 423 AND 425 EFFECTIVE 12/31/01 <br /> <br />WHEREAS, the Water Quality Phase II Fund (423) has carried a deficit balance for several years; <br />and <br /> <br />WHEREAS, the deficit cannot be financed from the Army Trust Fund; and <br /> <br />WHEREAS, the Water Utility (702) has sufficient funds to cover the deficit; and <br /> <br />WHEREAS, the Water Filtration Construction Fund (42S) has carried an amount due from the <br />Army since 1990; and <br /> <br />WHEREAS, the receivable is no longer collectible, <br /> <br />WHEREAS, the Environmental Restoration Fund (424) has sufficient funds to cover the <br />receivable; and <br /> <br />WHEREAS, the Water Quality Phase II and Water Filtration Construction Funds no longer have <br />activity in them; <br /> <br />NOW, THEREFORE, BE IT RESOLVED that effective 12/31/01: <br /> <br />1. A transfer of$2S8,902 from the Water Utility (702) to the Water Quality Phase II Fund <br />(423) is authorized. <br /> <br />2. A transfer in the amount 0[$22,134 from the Environmental Restoration Fund (424) to the <br />Water Filtration Constructipn Fund (42S) is authorized. <br /> <br />3. The Water Utility (702) will reimburse the Army Trust Fund (850) $170,500 for interest <br />expenses incurred from these amounts. (This is an average of 6% interest for 11 years.) <br /> <br />4. The Water Quality Phase1! and Water Filtration Construction Funds (423 and 425) <br />shall be closed. <br /> <br />Adopted this 12th day of March, 2002. <br /> <br />~l~ <br /> <br />Steve Larson, Mayor <br /> <br />1~?A- . <br />Ma ew S. Fulton, City Manager <br /> <br />ATTEST: <br />(' . (-('~ /f'~' '\ ! <br />,'J!i!?/'!'iC:C~-' , (0'. //1:' fl-;,,' t c ;L... <br />...L1> ... - <br />Daniel A. Maiers <br />Finance Director/City Clerk <br />I:\SHARED\COUNCIL\Resoiution:;\2002\Finance\2closefds423&425.doc <br />
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