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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