Resolution 4238 - Transfer Funds - SID Revolving Fund (Not on Agenda)1
Cf1� 0 lSl
Incorporated 1892
Telephone (406) 752-6600
Douglas Rauthe
FAX (406) 752-6639
Mayor
Post Office Box 1997
Zip 59903-1997
Bruce Williams
City Manager
City Council
Members:
Date: September 18, 1995
Gary Y W. ry stul
Ward 1
To: Mayor & City Council Members
Cliff Collins
Ward I
From: Amy Robertson
Barbara Moses
Finance Director
Ward 11
Dale Haarr
Re: SID's 341 & 342
Ward II
Jim Atkinson
Please add to your agenda for the September 18th meeting the attached Resolution 4238. Ward III
I apologize for adding another item at this late date. Discussions this morning with Mae
Nan Ellingson of Dorsey & Whitney, our bond attorney, prompted this resolution. She Lauren Granmo
g Y Y� Y p ward u1
indicated that an excess of funds in the SID Revolving Fund can cause us to have yield
restriction problems with our bond sales. The funds in the revolving fund have Ward IV
Kennedy
accumulated over several years as we have repaid loans from Sidewalk & Curb funds, SID
333 in Ashley Square and payments from protested taxes which the County was holding. M. Ward DuIV a Larson
We have not had a mill levy in the SID Revolving Fund since FY92.
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO TRANSFER THE FUNDS
IN EXCESS OF 5% OF THE OUTSTANDING SID DEBT FROM THE SID REVOLVING FUND
TO THE GENERAL FUND
WHEREAS, the City has in its SID Revolving Fund an excess balance of $30,572.40,
the excess accumulated over several years,
WHEREAS said funds are excess of the 5% authorized by Montana Code, and
WHEREAS, the City is authorized and required to transfer equity from one fund to another
fund only by resolution or ordinance, and
WHEREAS, an appropriate fund to transfer said equity to is the General Fund
NOW, THEREFORE be it resolved by the City Council of the City of Kalispell as follows:
That the Finance Director is hereby authorized and directed to transfer the afore
mentioned excess fund from the SID Revolving fund to the General Fund.
PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AND APPROVED BY THE
MAYOR THIS DAY OF , 1995.
Douglas D. Rauthe, Mayor
ATTEST:
Clerk of Council