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<br />~"" " .. <br /> <br />j. ...... <br /> <br />RESOLUTION NO. 88 -144 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RArv"SEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION AUTHORIZING TRANSFER FOR THE DEBT OF THE 1982 AND 1983 TAX <br />INCREMENT BONDS <br /> <br />Whereas, in 1982 and 1983, the City issued bonds to finance the work in <br />Tax IncrerrEnt Districts #3 and #4; <br /> <br />Whereas, the bonds are being retired in entirety from tax increment proceeds; <br /> <br />Whereas, the accounting structure provides that the tax increments are isolated <br />in one fund while the bond payment is made from another fund; <br /> <br />Whereas, on an annual basis a transfer is made from the tax increment proceeds <br />fund to the bond payment fund; <br /> <br />Whereas, the transfer anount has been equal to that year's oond payment; <br /> <br />Whereas, in a refinerrEnt of the managerrent of the transfers, the anount will be ' <br />established according to the period of coverage; <br /> <br />Whereas, the taxes collected in 1988 must cover through the February, 1989 bond <br />payrrent; <br /> <br />, Whereas, there are adequate Ironies in the tax increment funds to allow the <br />refinement; <br /> <br />Now, therefore be it resolved that: <br /> <br />1. The 1988 transfer for the Tax Increment #3 bonds shall be $320,600. <br /> <br />2. The 1988 transfer for the Tax Increment #4 bonds shall be $39,000. <br /> <br />. 3. 'Ihe above transfers shall be made by December 31, 1988. <br /> <br />4. For 1989, the transfer for the Tax Increment #3 bonds shall be $192,200. <br /> <br />5. For 1989, the transfer for the Tax Increment #4 bonds shall be $36,400. <br /> <br />6. The transfers required by subsection 4 and 5 above shall be made during <br />1989. <br /> <br />Adopted this 2 7 t h <br /> <br />day of <br /> <br />Decemher, 1 qRR <br /> <br />ATI'EST: <br /> <br /> <br />:~q~ <br />" Margar'Elt A. Egan <br />I; Finance Director / <br />" City Clerk <br /> <br />