Res 73 - 38 Transfer of the Friendly Hills & Somerset Park Sanitary Sewer, Storm Sewer Water & Street Improvement Fund's Equity & Assets to the Friendly Hills & Somerset Park Sanitary Sewer, Storm Sewer, Water & Street Debt Service Fund'��a► .
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RF SOT.LjTT_�N NO _ 73 --�
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WHEREAS, the Friendly Hills and Somerset Park Improvements were
completed prior to December 31, 1971; and
WHEREAS, 'tlie only remaining duties to be completed relative
to this improvement are the collection and payment of funds for debt
service purposes; and
WF�REAS, it is necessary to have a designated separate fund
for debt service applicable to the borrowed funds that f inanced this
improvement;
NOW,THEREFORE, IT IS I�REBY RESOLVED by the Village Council of
the Village of Mendota Heights, Dakota County, Minnesota, as follows:
That effective January 1, 1972 the Friendly Hills and Somerset
Park Sanitary Sewer, 5torm Sewer, Water and Street Improvement
Fund's equity and assets (on a cash basis) of $12 202.92
shall be transferred to the newly created Friendly Hills and
Somerset Park Sanitary Sewer, Storm Sewer, Water and Street
Debt Service Fund which shall after January l, 1972 receive
� all collections and make all payments for debt service
purposes applicable to the permanent bond issue that
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financed the Friendly Hills and Somerset Park Improvement
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Adopted by the Village Counc il of the Village of Mendota Heights
this %3f day of ��c , 1973.
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VILLAGE COUNCIL
VILLAGE OF MENDOTA HEIGHTS
Bv � G� � d� I����/1
Donald L. Huber
Mayor '
ATTE ST :
Gilbert M. dab.augh
' Village Cler -Treas er