RES 14-46CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2014-46
RESOLUTION COMMITTING/ASSIGNING SPECIFIC REVENUE SOURCES IN
SPECIAL REVENUE FUNDS
WHEREAS, the Government Accounting Standards Board (GASB) Statement 54 defines
Special Revenue Funds as proceseds of specific revenue sources that are restricted, assigned or
comitted to expenditure for specified purposes other than debt service or capital projects; and
WHEREAS, the restricted or committed proceeds of specific revenue sources should be
expected to comprise a substantial portion of the inflows reported in the fund; and
WHEREAS, other resources, including investment earnings, may also be reported in the fund if
they are also restricted, assigned or committed to the specified purpose of the fund; and
WHEREAS, City Council action is required prior to the issuance of the financial statement to
formalize the commitment of specific resources to special revenue fund purposes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
OTSEGO, WRIGHT COUNTY, MINNESOTA THAT:
the funds received from the application for issuance of conduit revenue bonds and the fees
received for issuance of conduit revenue bonds for Evans Park, Inc. are hereby assigned to the
Economic Development Loan Fund for the purpose of making economic development loans to
qualifying individuals or entities.
ADOPTED by the Otsego City Council this 23rd day of June, 2014.
MOTION made by Council Member Heidner and SECONDED by Council Member Schroeder.
IN FAVOR: Heidner, Stockamp, Schroeder, Darkenwald, Warehime
OPPOSED: None
CITY OF OTSEGO
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Jessica Stockamp, Mayor
ATTEST:
Tami Lkf, City CLerlc