HomeMy WebLinkAbout1998-171RESOLUTION N0.98- 171
CLOSING 1991B TIF BOND FUND AND MSA FUND
WHEREAS, the City of Stillwater has paid in full the debt for the 1991 B TIF bond issue, and
WHEREAS, the City of Stillwater has the 1991 C TIF bond issue outstanding, and
WHEREAS, the 1991 C TIF bonds were issued within the same guidelines of the city's TIF
development plan, and
WHEREAS, the transfer of the 1991 B funds to the 1991 C debt service is consistent with the TIF plan,
and
WHEREAS, the City of Stillwater has an MSA fund, and
WHEREAS, the City of Stillwater has not used the MSA fund since the creation of the capital project
fund, and
WHEREAS, the State of Minnesota has changed the laws such that the city does not expect to
contribute revenues to this fund in the future, and
WHEREAS, the City of Stillwater wishes to eliminate unnecessary funds, and
WHEREAS, the expenditures of funds from the capital project fund is consistent with the purpose of
the MSA fund.
NOW, THEREFORE, be it resolved by the City Council of the City of Stillwater that the following
funds be closed and residual equity transfers made:
1991B TIF Bond to 1991C TIF Bond and
MSA Fund to Capital Project Fund
Adopted by council this 7~' day of July, 1998.
R
,~ \ ayor
Attest: ~~
City Clerk