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<br />"1:.,' ~....."" -"'! <br /> <br />~ <br /> <br />RESOLUTION NO. 88-5 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION DECLARING CERTAIN DEPOSITS AS REVENUE & PROVIDING A <br />TRANSFER <br /> <br />WHEREAS, the City frequently has helped developers to obtain <br />tax exempt financing such as industrial revenue bonds; <br /> <br />WHEREAS, in this effort the developer has been required to <br />help off-set our costs by placing a deposit with the City; <br /> <br />WHEREAS, costs incurred by the City include staff time and <br />legal services; <br /> <br />WHEREAS, the costs incurred are equal to the developers' <br />payments and therefore these payments should then be considered <br />as revenues; <br /> <br />WHEREAS, in accounting for the developers' money, the receipt <br />of the deposit has been made into the General Fund while the <br />costs have been charged to the Municipal Development Fund; <br /> <br />WHEREAS, the coding of these transactions must be changed so <br />the revenues and expenditures are all within the same fund; <br /> <br />WHEREAS, a transfer is used to provide for this recoding; <br /> <br />NOW, THEREFORE BE IT RESOVED that: <br /> <br />1. The deposits shall be reclassified as revenues. <br /> <br />2. A transfer of $79,900 shall be made from the General <br />Fund 101 to the Municipal Development Fund 450. The <br />transfer shall be dated December 31,1987. <br /> <br />Adopted this 12thday of <br /> <br />,January <br /> <br />, 1988. <br /> <br />~~:L <br /> <br />I)~ (7, <br />)/. " " <br />c.~ 4".~ /' <br />Henry S' a, c~ty Manager <br />'/ <br /> <br />ATTEST: <br /> <br />~n <br /> <br />Finance Director <br /> <br />(SEALY <br /> <br />I <br />. i <br />