HomeMy WebLinkAboutResolution 90-53RESOLUTION NO. 90- 53
BEING A RESOLUTION DESIGNATING SEVER FUND AND WATER FUND
RETAINED EARNINGS FOR A CONSTRUCTION RESERVE
Whereas, the City of Columbia Heights has accumulated retained earnings in
both the Sewer and Water Fund for the purpose of funding future
construction of sewer and water lines, and,
Whereas, the retained earnings would be more appropriately accounted for
in a separate fund designated for construction,
NOW, THEREFORE, BE IT RESOLVED that the Columbia Heights City Council
does, hereby, establish a Water Construction Fund and a Sewer Construction
Fund and authorizes a transfer of $600,000 from the Water Fund to the
Water Construction Fund and $2,000,000 from the Sewer Fund to the Sewer
Construction Fund, and
NOW, THEkEFORE, BE IT FURTHER RESOLVED that any retained earnings in the
Water Construction Fund and the Sever Construction Fund shall require a
four-fifths vote to expend or transfer funds.
Offered by:
Seconded by:
Roll Call:
Ruettimann
Peterson
C]erkin, Ruettimann, Peterson - aye
Nawrocki, Carl son - nay
MOTION FAILS FOR LACK OF FOUR-FIFTHS VOTE
Edward M. Carlson, Mayor
Jo-Anne Student, Council Secretary