Loading...
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