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<br />I ~ <br /> <br />RESOLUTION NO 91- 081 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />':. <br /> <br />RESOLUTION ESTABLISmNG A POLICY FOR USE OF THE LIQUOR RESIDUALS <br /> <br />Whereas, in 1990 the City elected to end its role as a liquor dispensary; <br /> <br />Whereas, the Palmer Drive/Brandywine complex was sold on a fifteen year note to a private party as <br />I' <br />a result of this decision; <br /> <br />i <br />: Whereas, the City has retained ownership of the former site of the Downtown Municipal Store until <br />i; <br />community development issues are resolved; <br /> <br />Whereas, at the end of 1990 the Liquor operations also had a cash balance of $330,000; <br /> <br />Whereas, at the direction of the City Council, the Financial Policy Advisory Board reviewed <br />:' alternative uses for these assets; <br /> <br />Whereas, the review showed that in the past liquor proceeds had been used in lieu of property taxes <br />for general capital improvements such as parks and the remodeling of City Hall; <br /> <br />Whereas, lack of profitability in recent years has made the proceeds an unreliable revenue option; <br /> <br />Now, therefore be it resolved that: <br /> <br /> <br />1. The cash balance along with the income from the note first shall be used to retire the City Hall <br />Remodel ing Bonds. <br /> <br />2. Any amounts remaining from #1 plus any proceeds from the sale of the Downtown Municipal <br />Store then shall be used to retire other general debt. <br /> <br />3. In event the Liquor assets are not adequate to retire the City Hall Remodeling Bonds then the <br />Closed Bond Fund shall be substituted. <br /> <br />Adopted this 27th day of August, 1991. <br /> <br />~MaYOr <br /> <br />~~!1).a~ <br /> <br />David M. Childs, City Manager <br /> <br />" ATTEST: <br /> <br />tl <br /> <br />,:~~ <br /> <br />,. Margaret A, Egan <br />Finance Director <br /> <br />\1 <br />