Res 69 - 280 Establish Consolidated Debt Service FundVillage of Mendota Heights
Dakota County, Minnesota
RESOLUTION.
RESOLUTION TO ESTABLISH CONSOLIDATED
DEBT SERVICE FUND
Whereas, the Village Council of the Village of Mendota Heights with
the assistance of Wilkerson, Guthmann and Johnson, accountants for
the Village, have been concerned about the establishing of proper
cash balances for debt service funds -related to special assessment
improvement funds; and
Whereas, the problem of not having proper cash balances by fund is
caused by the fact that funds collected by Dakota County for special
assessments and remitted to the Village have not in every case been
clearly identified so that they could be directly related to the
applicable project and improvement; and
Whereas, the Village's accountants, Wilkerson, Guthmann and Johnson
have been informed that Dakota County, upon request by the Village,
will give the dollar amount collected by improvement project for
1968 and subsequent years; and
Whereas, this past problem of identifying receipts makes it necessary
to consolidate into one fund all debt service fund where collection
of assessments by the county occurred prior to December 31, 1967; and
Whereas, the Village Council of the Village of Mendota Heights is
cognizant that the consolidation into one fund of all debt service
funds where collection of assessments from the county occurred
prior to December 31, 1967 is contrary to resolutions awarding the
sale of particular bond issues, but recognizes that any problems
(2 7)
that are inherent in such a consolidation, also exist if no such
consolidation takes place, and that by consolidating -the afore-
mentioned debt service funds cash balances for the Village can
systematically be maintained for all funds; and
Whereas, the State Aid Road Projects Fund is of the nature of the
aforementioned debt service funds, but the Village Council is of
the opinion that all efforts should be made to establish the proper
separate cash balance of this fund;
NOW THEREFORE, IT IS HEREBY RESOLVED by the Village Council of
the Village,of Mendota Heights, Minnesota, as follows:
That all debt service funds related to the special assess-
ment improvement funds, with the exception of the State
Aid Road Projects Fund, where collection of assessment by
Dakota County occurred prior to December 31, 1967 are
to be consolidated retroactive to December 31, into a
consolidated debt service fund.
Adopted this 18th day of November, 1969.
VILLAGE COUNCIL
VILLAGE OF MENDOTA HEIGHTS
By
I. Mayor
viiiage
VILLAGE COUNCIL
VILLAGE OF MENDOTA HEIGHTS
By
I. Mayor