RES 20-38CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2020-38
APPROVING TRANSFER OF FUNDS
WHEREAS, governmental accounting requires that monies dedicated to specific projects or activities are
accounted for within a separate fund of the City; and
WHEREAS, the City of Otsego established the General Obligation Improvement Bonds, Series 2007B debt
service fund to account for the collection of special assessment revenues used to repay the principal,
interest and fiscal agent fees on the respective debt issue; and
WHEREAS, outstanding special assessment balances remain with final revenue receipts scheduled for
collection in 2021; and
WHEREAS, the debt service principal and interest requirements have been paid in full as of December 1,
2016; and
WHEREAS, the City can account for the future special assessment revenue receipts in a separate fund; and
WHEREAS, the Finance Director recommends the remaining fund balances and outstanding special
assessment balances to be transferred to the Pavement Management Fund; and
WHEREAS, the Otsego City Council has the responsibility to review such transfers of funds as part of their
financial oversight of the City's resources.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OTSEGO, MINNESOTA:
1. The closure of the General Obligation Improvement Bonds, Series 2007B debt service fund is
authorized with remaining fund balances and outstanding special assessment balances to be
transferred to the Pavement Management Fund.
ADOPTED by the Otsego City Council this 22nd day of June, 2020.
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MOTION BY: Darkenwald
SECONDED BY: Warehime
IN FAVOR:Stockamp, Darkenwald, Warehime, Goede, Tanner
OPPOSED: None
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CITY OF OTSEGO
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Jessica L. Stockamp, Mz yor
ATTEST:
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Tami M. Wf, City Clerk