RES 12-79RAM-PSOLUTIoN No. 2012 -79
CITY of OTSEGO
COUNTY OF W IGH MINNESOTA
A RE SOLUTION APPROVING THE PERMANENT INT FI ND
ACCOUNTING TRANSFE R OF MONIES FOR DEB'S SERVICE IG I NS
WHEREAS, the Cidty has reviewed the financing for the 2004 Quaday Avenue
Improvement Bond and the Public Works Facility Bond, and
WHEREAS, the Quaday Avenue project financing included special assessments against
the benefitting properties, and
WHEREAS, the special assessments against some of the benefitting properties have been
deferred until development and that development has not yet occurred, and
WHEREAS, the 2004 Quaday Avenue debt sei vice obligations require a financing source
f. and the Council has determined the Revolving Capital Improvement Fund will be the
source of that financing, and
WHEREAS, the Public Works Facility bonds along with other city monies were used to
finance the construction of the public works facility, and
WHEREAS, the remaining monies in the project fund (Otsego Municipal Building Fuad
x#441) were originally intended for the future expansion of the facility, and
WHEREAS, the Council has determined that such remaining monies should be used for
the repayment of a poilion of the outstanding bonds and to provide tax relief to the
residents of the City of Otsego,
WHEREAS, the transfer of these monies for debt service were reviewed during the 2013
Capital Improvement Plan, and
WHEREAS, the accounting transfers require the approval of the City Council by a
resolution to properly document this financing and approval.
x NOW, WHEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF OTSE603
}B
APPROVED:
$208,825 is hereby transferred fxom the .evolving Capital Improvements Fund to
the Quaday Debt Service Fund, and
$474,500 is hereby transferred frorn the Otsego Municipal Building Rund to the
Public Works Facility Debt Service Fund,
Approved by the City of Otsego Council this 10th day of December, 2012.
ATTEST:
Tam! Loft', City Clerk
City of Otsego
(::)(0 M � A
W IL V W
M ar Jessica Stockamp