RES 2022-59 Approving Transfer of Funds Series 2010BCITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2022-59
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 Refunding Bonds, Series
2010B debt service fund to account for the collection of property tax revenues used to repay the principal,
interest, and fiscal agent fees on the respective debt issue; and
WHEREAS, the debt service principal and interest requirements have been paid in full as of December 1,
2021; and
WHEREAS, the Finance Director recommends the remaining fund balances to be transferred to the Capital
Improvements Revolving 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 Refunding Bonds, Series 2010B debt service
fund is authorized with remaining fund balances to be transferred to the Capital Improvements
Revolving Fund.
ADOPTED by the Otsego City Council this 27th day of June, 2022,
MOTION BY: Moores
SECONDED BY: Dahl
INFAVOR: Stockamp, Dahl, Darkenwald, Goede, and Moores
OPPOSED: none
CITY OF OTSEGO
ATTEST:
s
Audra Etzel`City Clerk
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