HomeMy WebLinkAboutResolution - 92-144 - Approving Consolidation of Department Service Accounts and Authorizing Interfund Loan - 06/16/1992 CITY OF EDEN PRAM
H NNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 92-144
RESOLUTION APPROVING CONSOLIDATION OF CERTAIN DEPT SERVICE
ACCOUNTS AUTHORIZING INTERFUND LOAN
BE IT RESOLVED, by the Eden Prairie City Council as follows:
WHEREAS, The City Finance Director/Clerk and the City's independent accounting firm have
recommended to this Council that, in order to simplify the City's recordkeeping, it is desirable
to consolidate certain City accounts relating to special assessment and state-aid road projects.
Once those accounts have been consolidated, the Finance Director/Clerk recommends that this
Council, in order to reduce or eliminate additional tax levies which would otherwise be required
in order to pay debt service on bonds payable from the consolidated account, authorize a
temporary loan from the City's Utility Reserve Fund to the consolidated account.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EDEN PRAIRIE:
The recommendation as to consolidation of accounts is hereby approved. The temporary loan
from the Utility Reserve Fund is hereby approved. These approvals are effective December 31,
1991, for accounting purposes. The temporary loan is to be repaid to the Utility Reserve Fund
over a period of approximately eight years in accordance with a repayment schedule prepared
by the Finance Director/Clerk. However, in the event that collections of special assessments
and other revenues pledged to the consolidated account are more or less than currently projected,
the Finance Director/Clerk is authorized to adjust the repayment schedule of the temporary loan
as necessary to ensure payment of debt service on the bonds payable from the consolidated
account.
ADOPTED by the Eden Prairie City Council on the 16th of June 1992.
ouglas B Tenpas, Mayor
ATTEST:
J D. rane, City Clerk