10-09RESOLUTION NO.: 2010 - 09
CITY OF OTSEGO
COUNTY OF WRIGHT, MINNESOTA
A RESOLUTION TO ESTABLISH A COLLECTOR STREET RECONSTRUCTION FUND
WHEREAS, THE City Council has determined that monies will be needed in the future to
reconstruct collector streets within the City, and
WHEREAS, the City Engineer has provided the City Council with information regarding
the condition of collector streets, and
WHEREAS, the City Engineer has provided reasonable estimates as to the timeline and
projected cost to reconstruct the collector streets within the City, and
WHEREAS, the City Council has determined that it is responsible to the citizens of the
City of Otsego to provide a reasonable means to finance such improvements while minimizing
the effect of the tax capacity rate, and
WHEREAS, the City Council has determined that it is important to establish a separate
fund to accumulate the financial resources for the reconstruction of collector streets;
NOW THEREFORE, BE IT RESOVLED BY THE CITY COUNCIL OF OTSEGO, MINNESOTA AS
FOLLOWS:
The City will establish within its financial accounting records a separate fund titled "Collector
Street Reconstruction Fund" to accumulate the financial resources for future collector street
reconstruction projects.
The City will transfer $150,000 from the General Fund to establish the Collector Street
Reconstruction Fund.
The Collector Street Reconstruction Fund will be reported in the City's financial statements for
the year ended December 31, 2009.
MOTION BY: CM DARKENWALD
SECOND BY: CM SCHARBER
ALL IN FAVOR: MAYOR STOCKAMP; COUNCILMEMBERS: DARKENWALD, SCHARBER & HEIDNER
THOSE OPPOSED: NONE
ADOPTED by the City Council of the City of Otsego this 26`h day of April 2010.
ATTEST:,1313j�,,—�
Tami Loff, City Clerk
CITY OF OTSEGO