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<br />, , <br />, , <br /> <br />" <br /> <br />..' <br /> <br />RESOLUTION NO. 00-051 <br /> <br />City of New Brighton <br />Ramsey County <br />State of Minnesota <br /> <br />RESOLUTION AUTHORIZING CLOSING OF THE PARK ENDOWMENT FUND 404 <br /> <br />Whereas, this Fund has accounted for restricted monies that now have been committed to <br />finance a portion of the major renovation of the parks; <br /> <br />Whereas, this commitment will fully deplete the reserves of the Endowment Fund, resulting in <br />the need to close the Fund; <br /> <br />Whereas, the cash reserves of the Park Endowment Fund have been temporarily lowered by <br />the "fair market value" of the portfolio; <br /> <br />Whereas, the adjustment for fair market value has lowered available cash by $37,600; <br /> <br />, Now, therefore be it resolved that: <br /> <br />1. The Park Endowment Fund shall be closed to the Park Construction Fund. <br /> <br />,2. The adjustment for fair market value shall be re-allocated to the Environmental Restoration <br />Fund. <br /> <br />3. This Resolution shall be effective December 31, 1999. <br /> <br />u~ <br /> <br />Steven H. Larson, Mayor <br /> <br />~A1TE&T: <br /> <br /> <br />~ v.. \ I __ <br /> <br /> <br />-'~ <br />"'!, -"""~ <br /> <br /> <br />, ' Ma~iret Egan <br />" FinC!fite Director/City Clerk <br /> <br />i ' 1:\SH:ARED\COUNCIL\ResoJutions\FINANCE\2000\ParkFund404.wpd <br />, <br />, <br />, , <br />