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89-003
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89-003
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<br />-r;. .....- J <br /> <br />.". <br /> <br />i, <br />" <br /> <br />RESOLUTION NO. 8 9 - 3 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGH'ION <br /> <br />i RESOLUTION AUTHORIZING DEBT TRANSFER FOR THE VARIABLE RATE RESERVE Fll1."D <br /> <br />Whereas, in late 1985 the City issued variable rate bonds for <br />tax increment projects; <br /> <br />Whereas, the structure of the bond issue provided that a reserve <br />was acquired along with the m::mey needed to canp1ete the projects; <br /> <br />" Whereas, the purpose of the reserve was to enhance our ability <br />i' to make the debt payrrents; <br />I, <br /> <br />Whereas, the tenus of the bonds required that the reserve pay <br />15% of the principal amount; <br /> <br />Whereas, in addition to the payment of principal, the reserve <br />earns interest; <br /> <br />Whereas, the interest eanlings are subject to the same tenus as <br />would apply to the proceeds; <br /> <br />Whereas, to comply with these conditions, the interest earnings <br />need to be appropriated towards completing tax increnent projects; <br /> <br />Now, therefore be it resolved that: <br /> <br />1. Armuall y, a transfer shall be made from the Reserve Fund to <br />the Debt Service Fund to provide 15% of the following year I s principal due <br />on the variable rate bonds. <br /> <br />2. Armua11y, a transfer shall be made from the Reserve Fund to <br />the Bond Proceeds Fund to allocate the interest earnings from the year. <br /> <br />;,! <br /> <br />3. '!he transfers specified in #1 and #2 shall be recurring <br />until such ti.Ire as no further need exists or if there is a change in tenus. <br /> <br />4. No additional Council authorization shall be necessary <br />until there is a change in tenus. <br /> <br />5. '!his Resolution shall be effective December 31, 1988. <br /> <br />Adopted this lOt h <br /> <br />day of J a n u a r y. 1989 <br /> <br />."oHt~ <br /> <br />Robert J. Benke, Mayor <br /> <br />,. <br />\i <br /> <br /> <br /> <br />.. ,~ <br /> <br />Margar t A. Egan <br />Finance Director/ <br />City Clerk <br /> <br />i' <br />
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