RES 17-18CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO 2017-18
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 Municipal Buildings fund to account for the revenues and
expenditures during the construction of the Public Works Facility; and
WHEREAS, the construction of the Public Works Facility has been completed so there is no ongoing
purpose; 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:
That effective as of December 31, 2016, the closure of the Municipal Buildings fund is authorized
with remaining fund balances to be transferred to the Debt Service fund for the G.O. Improvement
Refunding Bonds, Series 2010.
ADOPTED by the Otsego City Council this 13th day of March, 2017.
MOTION made by Council Member Heidner and SECONDED by Council Member Tanner.
IN FAVOR: Stockamp, Heidner, Tanner, Darkenwald, Warehime
OPPOSED: None
ATTEST:
CITY OF OTSEGO
Jessica Stockamp, May r
Tami off, City Clerk