HomeMy WebLinkAbout2020-047 (use and transfer of capital fund balance not to exceed $1,250,000 in lieu of go bond to fund 2020 capital budget items)RESOLUTION NO. 2020-047
RESOLUTION AUTHORIZING THE USE AND TRANSFER OF CAPITAL FUND BALANCE
NOT TO EXCEED $1,250,000 IN LIEU OF GENERAL OBLIGATION BOND BORROWING
TO FUND 2020 CAPITAL BUDGET ITEMS
WHEREAS, the City Council of the City of Stillwater, Minnesota (the "City") prudently
manages its fund accounts and the use of accumulated fund balance, and
WHEREAS, the City Council had previously determined and declared that the
amended 2020 Capital Projects Budget can be funded by the use of accumulated fund
balances from various Capital Project Funds, and
WHEREAS, the City deems it necessary in this instance, due to budget impacts from
COVID 19 pandemic, to forego issuing General Obligation Bonding.
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Stillwater
hereby authorizes the use and transfer of Capital Fund Balance not to exceed $1,250,000 in
lieu of General Obligation Bond Borrowing to fund the 2020 Capital Budget.
Enacted by the City Council of the City of Stillwater, Minnesota this 19th day of May 2020.
CITY OF STU LWATER
J
Ted Kozlowski, Mayor
Beth Wolf, City Clerk
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