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88-008
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88-008
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8/8/2005 1:34:21 PM
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<br />'" <br /> <br />~.}.: <br /> <br />... ...; <br /> <br />RESOLurION NO. 88 - 8 <br />STATE OF MINNESOl'A <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGH'ION <br /> <br />RESOl,urION AUTHORIZING CLOSING OF CITY HALL CONSTRUcrION FUND 486 <br /> <br />Whereas, the re:rrodeling of City Hall nearly is completed: <br /> <br />Whereas, to account for the construction of City Hall a construction <br />frmd was maintained: <br /> <br />Whereas, proper accounting r~ires that when construction is completed <br />the fund should be closed: <br /> <br />Whereas, to corrplete the closing of the fund additional revenues nust be <br />pledged to cover construction costs: <br /> <br />Whereas, as part of the original financing for the project is was intended <br />that $350,000 would be contributed from the Liquor Fund: <br /> <br />~'Vhereas, the need for additional revenues is estimated at $320,000: <br /> <br />Now, therefore be it resolved that: <br /> <br />1. A transfer of $350,000 shall be made from the Liquor Fund to provide <br />the rroney for the original financing. <br />2. Commencing in 1988, the first of six annual transfers shall be made <br />from the Liquor Fund to the City Hall Construction Fund. The purpose of <br />the annual transfers will be to finance the additional construction costs. <br />3. Interest of 7% per annum shall be added to the additional construction <br />costs until payment is made in full from the Liquor Fund. <br />4. The anount of the arumal transfer shall consist of six equal install- <br />ments of principal plus the interest expense for that year. <br /> <br />Adopted this <br /> <br />1 2 t h day of <br /> <br />~ <br />Margare A. Egan <br />Finance Director/ <br />City Clerk <br /> <br />
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