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HomeMy WebLinkAbout2015-10RESOLUTION NO. 2015 -10 APPROPRIATING AN INTERFUND TRANSFER TO THE GENERAL OBLIGATION STREET REHABILITATION BONDS SERIES 2007A DEBT SERVICE FUND WHEREAS, the City Council of the City of Columbia Heights has adopted resolution 2015 -07, calling for the prepayment and redemption of a portion of the city's outstanding General Obligation Street Rehabilitation Bonds, Series 2007A, in the amount of $245,000 plus interest; and WHEREAS, the City of Columbia Heights General Fund received approximately $118,000 in unassigned and unbudgeted revenue in 2014 from the decertification of the Sheffield Tax Increment Financing District; and WHEREAS, in addition to the aforementioned revenue, the City of Columbia Heights General Fund has sufficient unassigned fund balance to apply an additional $118,000 of unassigned fund balance to the prepayment and redemption; and WHEREAS, these amounts from the General fund, together with existing fund balance in the City of Columbia Heights General Obligation Street Rehabilitation Bonds Series 2007A Debt Service Fund, are sufficient to fund the prepayment and redemption; and WHEREAS, an interest cost savings of approximately $28,000; and reductions in bond levies for the years 2016 and 2017, can obtained by the City of Columbia Heights by the prepayment and redemption; NOW, THEREFORE, BE IT RESOLVED that the 2015 City of Columbia Heights' budget is amended to appropriate an interfund transfer of $236,000 from the General Fund to the General Obligation Street Rehabilitation Bonds Series 2007A Debt Service Fund. Passed this 26`x' day of January, 2015 Offered by: Schmitt Seconded by: Williams Roll Call: All Ayes Mayor G y eterson Katie Bruno, Council Secretary / City Clerk