Res 70 - 391 Transfer the Water Extention (Somerset Park) Improvement Fund's Equity & Assets to the Water Extension (Somerset Park) Debt Service FundVillage of Mendota Heights
Dakota County, Minnesota
RESOLUTION NO. S
RESOLUTION TO TRANSFER THE WATER EXTENSION
(SOMERSET PARK) IMPROVEMENT FUND'S EQUITY AND
ASSETS TO THE WATER EXTENSION (SOMERSET PARK)
DEBT SERVICE FUND
WHEREAS, the Water Extension (Somerset Park) Improvement was completed
prior to December 31, 1968; and
WHEREAS, the only remaining duties to be completed relative to said
improvement are the collection and payment of funds for debt service
purposes therefor; and
WHEREAS, it is necessary to have a designated separate fund for debt
service applicable to the borrowed funds that financed said improve-
ment;
NOW THEREFORE, IT IS HEREBY RESOLVED by the Village Council of the
Village of Mendota Heights, Minnesota, as follows:
That effective as of January 1, 1969, the Water Extension
(Somerset Park) Improvement Fund's equity and assets
(on a cash basis) of $12,560.93 shall be transferred
to the newly created Water Extension (Somerset Park)
Debt Service Fund which shall, after January 1, 1969,
receive all collections and make all payments for debt
service purposes applicable to the temporary and per-
manent bond issues that financed said Water Extension
(Somerset Park) Improvement.
Adopted by the Village Council of the Village of Mendota Heights this
day of November, 1970.
VILLAGE COUNCIL
VILLAGE, OF MENDOT141 HEIGHTS
By
ATTEST: Gilbert M. abau
tig
Q �%01-l', Village Clerk
Cl�'�E�c
Donald L. Huber
Mayor